Today, the Executive Director of Ripple brad Garlinghouse said that dozens of banks will use the blockchain and Ripple XRP cryptocurrency and even in 2019.
The company is known, has several different products on the basis of the blockchain. One of them is xCurrent, which is currently used by several banks, including Santander. It is, in fact, makes the process of verifying information required to expedite transactions and does not require the use of cryptocurrency.
But Ripple also has xRapid, the product is aimed at companies that do business in emerging markets.
Payments in emerging markets often require pre-funded accounts in local currency, which means that the cost of liquidity is high. The money will be sent to the system xRapid, be converted into XRP and then converted back into any currency required at the other end.
Because XRP has a four-second transaction time, this process will be quick. Some companies, such as Western Union and Moneygram, have begun testing xRapid, but no one took him on a permanent basis.
But brad Garlinghouse said that by the end of 2019, he expects that many large companies are using it.
– I publicly declare that by the end of this year, more large banks will use XRapid as a tool for liquidity. You know, by the end of next year, I certainly hope that we will see a few… dozen – said Arlinghaus during the conference “Money 20/20 Europe” in Amsterdam.
If big companies have started to use the product xRapid, the demand for XRP theoretically be improved with large-scale transactions that will take place and will affect the price.
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