SBI's Ripple-Backed 'MoneyTap' Set to Launch Soon

21 September, 2018, 08:27 | Author: Regina Silva
  • SBI's Ripple-Backed 'MoneyTap' Set to Launch Soon

Sagar Sarbhai, Ripple's chief of regulatory relations for Asia-Pacific and the Middle East, commented for CNBC that their new product is making significant progress in its development, implying that October could be the month of its launching.

Sarbhai stated in his interview, "I am very confident that in the next one month or so you will see some good news coming in where we launch the product live in production".

Ripple is now working with a few financial institutions to test its xRapid ...

Ripple has partnerships with over 120 banks or financial institutions that use the company's xCurrent solution. xCurrent is a blockchain-based platform that allows banks to settle global transactions in real-time. Designed as a system to speed up transactions, using the XRP crypto that Ripple created as its gas, the company sees the system as a back-end bridge between currencies and would need the confidence of banks behind it pre-launch. The company has been working on this platform to improve the speed of the cross-border payment transactions while reducing the capital requirement for the liquidity.

xRapid allied with the Ripple Company's own cryptocurrency XRP allow for on-demand liquidity, significantly lowering costs while facilitating real-time payments in emerging markets.

For example, a bank might want to process a transaction from USA dollars to Indian rupees.

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Blockchain Ripple might introduce a commercial application of its crypto-currency product "next month or so", a CNBC executive announced. The fundamental objective of using xCurrent is for settling up worldwide transactions.

It is worth noting that the general traditional banking industry has been reluctant to adopt cryptocurrencies, ditching them for having no real value whatsoever - or so they say - while praising the technology behind these, Blockchain.

With xRapid, Ripple claims that the method would be quickened by the conversion of USA dollars into XRP tokens, then to shift the money overseas and at the other end exchange it into Indian rupees. The company behind the third largest cryptocurrency in terms of market cap said that it had partnered with several giant banks and financial services firms like American Express, Western Union, Santander, and MoneyGram among others. One XRP coin can now be bought for $0.28 or 0.00004287 BTC on popular exchanges including FCoin, Fatbtc, B2BX and CoinBene.

Legal Disclaimer: Please remember that trading, buying or any other type of investing in cryptocurrencies should be consider risky and may lead to the loss of all of the invested money. But I think that what we're now seeing is that more and more regulators are taking the whole space in one conjunction [sic].

Another factor that could increase the value of the coin is the latest statements of the CEO of Ripple - Brad Garlinghouse, that a lot of banks will be utilizing the products of Ripple by 2019.

Which, in a nutshell, means that soon, cryptos like Bitcoin and Ethereum will also enjoy the respect and credibility that Ripple XRP enjoys.

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