As another week gets underway, another bank has emerged that’s using Ripple’s xRapid platform for cross-border payments. xRapid essentially lets banks and financial institutions convert funds into XRP – Ripple’s token – which can then be sent to any other institution using xRapid at high speed for a very low cost. Once received, the XRP is converted into local currency and credited to the recipient’s account.
The Only Bank on xRapid
In order for xRapid to truly work, there needs to be lots of banks connected to the platform – otherwise nobody can receive the incoming XRP transaction. For now, Euro Exim Bank is the first and only bank to be using the xRapid platform, presenting a bit of a dilemma for when clients actually want to use this service. Ripple has signed up multiple banks for its xCurrent platform, however it doesn’t utilize XRP transactions for cross-border payments.
Mystery Whale Revealed
In the last few weeks, Ripple has been moving vast amounts of XRP from wallet to wallet. Before the announcement of Euro Exim Bank deploying xRapid, it looked like Ripple was just shifting XRP around its wallets. However, now we have reason to believe the latest movement of $114 million in XRP to a mystery wallet to be a transaction to Euro Exim Bank. If this is the case, Euro Exim Bank is clearly stockpiling resources for when the xRapid platform takes off and is adopted by other banks around the world.
Western Union Preparing xRapid
In the coming months, Western Union is expected to finally launch xRapid integration within its payment system. Back in June 2018, Western Union said it would never use Ripple’s platform as it’s too expensive. Yet, after further testing, it appears as if xRapid suits the needs of Western Union and it has proceeded full steam ahead with implementing the system. While it’s not up and running yet, it’s likely to rear its head within the next few months – finally giving Euro Exim Bank customers someone to trade with.
Ripple gets its fair share of hate from the crypto community and it’s always under scrutiny of the highest order. Not long ago it was accused of changing wording to please the US Securities and Exchange Commission, and it got abused for announcing Bill Clinton as its keynote speaker at the annual Swell Conference. It finally looks like Ripple has turned a corner and is making headway into the crypto and blockchain world.