Ripple Announces Commercial Launch of xRapid, Used by Three Financial Institutions

Ripple CEO Brad Garlinghouse

Ripple (XRP) said last month that it would be launching the xRapid solution. Brad Garlinghouse, the company’s CEO, announced at the “Swell Forum” yesterday that the service was officially launched and is currently used by three financial institutions, including Mercury FX, Cuallix and Catalyst Corporate Federal Credit Union.

Institutional customers can make faster and cheaper international cross-border payments with xRapid based on Ripple. Ripple announced the official launch of xRapid, which means XRP was first used in commercial applications of financial services companies. Ripple said that the product has been tested with Cuallix, Mercury FX and other companies such as Western Union.

According to Garlinghouse, the cryptocurrency industry must mature and rely more on real-world problems for real customers than on speculation. He pointed out that Ripple has been discussing how this can be done, and now they are more and more confident through practice. “This is very important for Ripple, which is very important for the XRP community, which is also important for cryptocurrencies.”