Sagar Sarbhai, head of regulatory relations at Ripple Asia Pacific and Middle East, said on Monday when he was CNBC that he is very confident that the cryptocurrency product xRapid will soon be put into commercial use. “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.”
Sarbhai said the company is making significant progress through its xRapid product. The product is designed to leverage XRP tokens as a bridge between currencies, allowing payment service providers and banks to process cross-border transactions faster. However, Ripple has yet to announce any bank testing or use of xRapid, but companies that have tested the product include Western Union, MoneyGram, and MercuryFX. Ripple CEO Brad Garlinghouse predicted earlier this year that dozens of banks would use xRapid.
Ripple has entered into deals with well-known financial institutions such as Santander and American Express, but these partnerships are currently focused on another product, xCurrent. Sarbhai said that more than 120 banks and financial institutions are now using its blockchain-based product xCurrent. Ripple’s xCurrent is used by banks to settle international transactions, send messages to and from other banks, and confirm each stage of cross-border payments in real time.
In addition, Sarbhai said that the regulatory environment for blockchain and cryptocurrency technology is improving, and financial regulators are beginning to see the benefits of encryption. “A few years ago, the narrative was: blockchain is good, and crypto is bad.” However, he believes that this narrative is changing now because they now see more and more regulators and policymakers are combining the entire field.