Ripple’s core product, xCurrent, can be used by banks as a messaging solution in which allows them to settle cross-border payments quickly. although they’re not using XRP for in which. A newer as well as still nascent Ripple product called xRapid allows financial institutions to convert fiat currencies to XRP quickly as well as cheaply, as well as transact digitally in real time.
Last week Ripple made its first significant customer announcement for xRapid. in which said in which MoneyGram will use the technology as well as XRP to speed up as well as reduce the cost of transferring money. Viamericas, a money transmitter focused on sending money to Latin America as well as Asia, said in which in which in which’s testing XRP.
Ripple claims an average transaction on its network takes between two as well as three seconds to process. Bitcoin transactions take around 51 minutes on average, according to data by industry website Blockchain.info.
“Bitcoin showed us what’s possible, although in which’s not going to solve every use case,” said Garlinghouse, Ripple’s CEO, who personally owns billions of dollars worth of combined Ripple equity as well as XRP at the current cost. “I’m personally long bitcoin, because I think in which solves a problem around the store of value.”
In different words, Garlinghouse sees bitcoin as a form of digital gold, attracting investors looking to diversify their holdings. although XRP includes a specific use as well as, if he’s right, in which will be the way in which financial firms transact over blockchain.
“We’re driving velocity as well as demand of XRP,” Garlinghouse said.