Regulatory ambiguity keeping banks away from xRapid: Ripple

xrapid slow adoption in banks

Ripple (XRP) just released new XRP powered service called xRapid. Marjan Delatinne is the global head of banking and recently said that due to some regulatory issues some banks and financial establishment hesitant to adopt and use this service. He also mentioned some points as to why some non-financial establishments are more confident in adopting and using this service. He said that banks aren’t using it because of the monitoring structure that is built around the crypto space.

He also demonstrated the ways some people are using the XRP cryptocurrency with the new xRapid service. He showed an illustration that allowed the public to know that xRapid’s main useful function is that it can make international transactions.

He then proceeds to let us imagine a hypothetical situation in which we need to make a transaction of a hundred dollars from the US to Mexico. He explains the process saying that first the fiat currency will be converted into XRP and then the XRP will be converted to fiat when the transaction is delivered to the person in Mexico. The person in Mexico can obtain their money from a crypto exchange.

He believes that this service is changing the market liquidity for the better to build a better and healthy economy globally. He says that this product shows the extent of advantage crypto is providing

The service of xRapid aims to utilize XRP to aid international transaction instantly among banks and financial institutions. This service is very different from xCurrent. xCurrent was a huge success as it was adopted by some important financial institutions. Since many institutions were happy with xCurrent Ripple hopes that they will also try xRapid, like it just as much and soon adopt it too.

Aroosa Nadeem

Aroosa Nadeem

A media graduate and passionate media person Aroosa has a knack for digital media journalism and outreach. She has contributed content to different digital media publishers in a variety of areas including technology, health and finance.

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