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Ripple is thousand times faster and cheaper than Bitcoin [BTC] transactions – says CEO

Preethi

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Ripple [XRP] is thousand times faster and thousand times cheaper than Bitcoin [BTC] transactions - says CEO of Ripple
Source: Unsplash

During an exclusive interview with CNBC, CEO of Ripple, Brad Garlinghouse, says that they use the digital asset XRP because it is thousand times faster cheaper than Bitcoin transactions. Brad also says that Ripple is focused on solving cross-border payment problems making it massively efficient for corporates to use XRP as a part of that flow.

Brad continues to say that the Ripple has signed up with around 100 banks which uses xCurrent. He says:

“The first problem Ripple focused on is engaging with banks to solve the real world problems for them, so we have been successful in signing up over 100 banks using a product called xCurrent, and xCurrent allows 2 banks to settle in fiat and basically in real time.”

He further adds:

“Today that takes days and is very expensive and has very high air rate, as high as six percent. So that works when there are two banks working together already have fiat, if we wanted to go to the third bank where we don’t have liquidity or where we don’t have pre-funded account, thats what product like xRapid comes into play. xRapid uses XRP to fund real time liquidity so no longer do I  have to prefund.”

He even says that there are around trillions of dollars parked around the world which is pre-funded between banks and corporates. By making those trillions of dollars efficient, Ripple will be making the entire global financial ecosystem more efficient.

When asked about when XRP will begin to be more useful towards institutions, Brad replies that Ripple launched xRapid as a beta product in late Q3 and early Q4 last year and launched their first customer on xRapid in late Q4 which continued by six more customers in Q1 this year.



The customers include big names such as Western Union, Money Gram, and Mercury FX which move a lot of money. Ripple has found that xRapid is saving the customers 40-70 percent compared to the existing tool from managing and spreading the liquidity around.

The CEO of Ripple says:

“So xRapid is doing exactly like we have thought, we expect to go into production without product at beta production at very very shortly, we have continue to move from a beta product to a production product to see more more banks, more more other financial institutions to get onboard and XRP will be used to facilitate this process.”





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Preethi is an enthusiastic budding entrepreneur currently pursuing Aerospace engineering at SASTRA University. Blockchain and cryptocurrency have always fascinated her since the birth of Bitcoins which led Preethi to develop colossal interest towards them and be an intern at AMBCrypto.

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Ripple

Ripple partners with Brazil’s Front Exchange to launch Simple to ease cross-border remittance

Rishi Raj

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Source: Pixabay

Ripple has been living true to its motto of promoting cross-border payments with low transaction fee lately with a barrage of partnerships and other developments. Last week, Ripple-backed remittance providers such as InstaReM and MoneyNetint made the news by partnering with banks in order to simplify cross-border transactions. After the partnership between BeeTech with Ripple-backed MoneyNetint, another Brazil-based exchange broker, Frente Corretora de Câmbio or The Front Exchange has partnered with Ripple to launch ‘Simple’, a platform created to cater international remittance and tourism exchange.

As cited on the exchange’s website, The Front launched the Simple platform for providing remittance and tourism exchange in partnership with Ripple. Simple will enable Brazilians to make cross-border payments, starting June 2019.

Carlos Brown, the co-founder of Front Exchange, commented on the launch of Simple and said,



“Simple’s user is the average citizen, who has a child living outside the country, for example. This public does not make large remittances, it is a money for the family, and this percentage charged by the institutions ends up swallowing a very large part of the value.”

Brown further claimed that the platform would not charge any transaction fee, but will be based on the gain of spread that the transaction delivered. The correspondents associated with the exchange would act as a FinTech, which would help in the growth of operations. Brown stated:

“We want to win with a high amount of operations and not with a very high spread, like traditional financial institutions.”

The Front Exchange recently opened a representative office in Miami and is looking forward to set-up two more representative offices in Boston and New York. The Central Bank ranked the broker exchange as the 15th largest currency brokerage in Brazil. With the partnership with Ripple and the launch of Simple, the exchange is expected to climb to the fifth place by the end of the year.





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