Ripple has made significant strides in the FinTech market with the successful launch of multiple financial instruments. The coin has shot up by almost 50% in a short while and seems to be doing pretty well.
This interest in XRP stems from the launch of xRapid, an innovative new product set to make waves. Since its creation, it has generated quite a buzz owing to some unique features that it has to offer.
So, let us talk about what xRapid brings to the table and how companies and investors can benefit from it.
What Is xRapid All About?
xRapid is best understood to be the next step in Ripple’s evolution as a cryptocurrency and the company which offers it. At present, the widely accepted standard for Ripple is its current-gen product xCurrent. This product serves propose of communication relay between traders, investors, and banks which will process the transactions made. But with the rising demand for faster transaction channels and the ability to use multi-tier transaction models has led to xRapid.
At its most basic level, xRapid strives to deliver a futuristic cryptocurrency transaction process to its users. xRapid cuts down transactions costs as well as time to a minimum. Normally, transactions between continents can take quite a bit of time. This may differ from transactions between North America and Europe. But for any transactions between these two and Asia, the time and cost would just not make it a viable option.
With xRapid, transaction costs and times taken for transfers anywhere in the world are reduced to a fraction. Further, the currency transactions can be made from any traditional currency to XRP. This lets the company make the transaction value with ease while also keeping the costs of the process minimal.
How is xRapid Going to Impact the International Transactions Market?
At present, the international transactions market is mired by high transaction costs and the lack of equivalent infrastructure. Though Asian centres of commerce like Beijing and Shanghai have impressive levels of FinTech infrastructure, the same cannot be said for others. The same goes for the situation in South America and to a far greater extent in Africa.
But with the introduction of xRapid, the world can move one step closer to having an integrated transaction process. Of course, all the inconsistencies which are hindering cross-border transactions will not be resolved by xRapid alone. In fact, it will take the development of multiple integrated platforms to usher in a globalised FinTech. However, xRapid is definitely an indicator of this development.
Needless to say that the transition to xRapid is going to be momentous albeit challenging. The team at Ripple has been working tirelessly to integrate more banks within their working process. This will help customers make faster transactions at more locations with more options. At present, however, xRapid is not going to witness a full-scale deployment. The company is still figuring out the details and plans the complete deployment by end of 2019.
Nevertheless, this is certainly promising for Ripple and its development team. With such innovation, it is easy to foresee that it can have a secure position in the highly competitive cryptocurrency market.
What Does This Mean for Ripple?
As is evident by the sizeable spike in its demand, xRapid is going to be big business for Ripple. It is very likely that its demand will increase consistently. Making strategic investments in Ripple can help secure your portfolio with a promising stock.
With the right guidance from Phil Nunn, you can take this opportunity with both hands. Contact Phil today for more advice on FinTech, personal investment portfolio management and much more.