Currencies Direct to Complete Successful xRapid Pilot

Ripple's xRapid technology was used by British financial firm to successfully complete the cross-border payment
30 May 2018   1415

According to the project participants, Currencies Direct conducted direct transactions between previously selected organizations, which took a few seconds unlike the 3-5 days that are currently required. This test served as a technical proof that Ripple (XRP) as a means of exchange in comparison with traditional methods of payment has a high speed and degree of transparency. This is reported by Finextra.

With the help of xRapid, the financial institution directly connects to exchanges in the country of the sender and the recipient. The sender's funds are exchanged for XRP, and then for the destination currency. The transaction is fully monitored, and requires a few seconds to complete the transaction.

Our goal is to offer the best possible service. We believe that utilising 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.

Brian Harris

Chief Product Officer, Currencies Direct

According to the senior vice president for product at Ripple Ashish Birla, xRapid is able to significantly reduce the costs and time required to make international payments. xRapid expands the capabilities of customers and allows payment service providers to gain a competitive advantage in the market.

Previously the provider of mobile payment solutions Uphold announced the completion of the integration of Ripple technology into its platform. This will allow application users to work with XRP tokens directly through the application.

Ripple to Write Open Letter to US Congress

Ripple's execs asked congress to support the development of the technology
29 July 2019   314

Brad Garlinghouse, head of California-based Fintech startup Ripple, and co-founder Chris Larsen, wrote an open letter to the US Congress on the eve of relevant hearings at the Senate Banking Committee. They asked lawmakers to decide on regulation, but at the same time not painting them with a broad brush.

So, Garlinghouse and Larsen are convinced that cryptocurrencies will complement fiat currencies, and not put their existence at risk, and the United States, in their opinion, should lead the development of the industry.

According to them, without proper regulation, there are risks for innovation, tax revenues and jobs in the blockchain industry.

We urge you to support regulation that does not disadvantage U.S. companies using these technologies to innovate responsibly, and classifies digital currencies in a way that recognizes their fundamental differences—not painting them with a broad brush.

Brad Garlinghouse, CEO of Ripple &
Chris Larsen, Executive Chairman and Co-founder of Ripple

Earlier, Garlinghouse agreed with US Treasury Secretary Stephen Mnuchin that cryptocurrency could not replace Fiat.

Probably, the head of Ripple fears that lawmakers will not understand the differences between cryptocurrency and Libra digital currency, and will introduce the same regulation for them.

Despite the fact that Ripple was able to significantly increase its customer base after the Facebook initiative was announced, Garlinghaus had already expressed fears that excessive attention to Libra could harm the industry as a whole.

On Tuesday, July 30, the US Senate will hold hearings on the regulation of cryptocurrency, during which the CEO of Circle company Jeremy Allair, a member of the Congressional research service Rebecca Nelson and a law professor at the University of California Mehra Baradaran will speak.