Ripple CEO Brad Garlinghouse says that “dozens” of banks will be utilizing XRP-powered payment solutions by the end of the year. He made these remarks during an interview with CNBC while at the Money 20/20 Europe fintech conference in Amsterdam.
The CEO said that:
“I’ve publicly stated that by the end of this year I have every confidence that major banks will use xRapid as a liquidity tool.”
xRapid is Ripples product aimed at financial institutions doing business in an emergent market, as payments into such markets typically require a pre-funded local currency account. The xRapid platform allows their clients to convert fiat into XRP, which then moves through the system almost instantaneously-in about four seconds, to be exact.
Western Union and MoneyGram are some of the firms that have begun testing the use of xRapid.
Just last month, Currencies Direct Ltd announced the successful completion of an international payment using the xRapid platform. The pilot payment used XRP and represents one of the first successful trials of a cryptocurrency by a mainstream financial services institution.
Brian Harris, Currencies Direct’s Chief Product Officer said in a statement that:
“Our trial with XRP was a resounding success. We’re currently assessing our next steps, but the evidence we’ve gathered indicates that the use of XRP is a game changer, making payments near-immediate and significantly improving service to our customers. Our goal is to offer the best possible service. We believe that utilizing cryptocurrencies in this way — as a transfer of value, rather than as a store of value — is the next logical step for our industry. It is, after all, the intended purpose of cryptocurrencies and we’re proud to be leveraging new technology to deliver the most convenient and seamless experience for our customers.”
As of press time, XRP is trading at $0.67, up by about 2.82 percent over the past 24 hours.