Ripple and XRP: Highlights of 2018

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This article is a look back at some of the best moments of 2018 for FinTech startup Ripple and the cryptocurrency XRP that is used by some of its products (such as xRapid).

“Digital assets promise fast transaction speeds but XRP is far faster than all of them, including bitcoin. Cutting settlement times from hours and days to just three seconds or less will remove billions of dollars in unnecessary intermediary fees.”

“Not only does it have a clear use case, XRP is faster, cheaper and more scalable than any other digital asset. I strongly believe it will become the global standard in digital currencies.

What’s your plan for utilizing Ripple’s technology and XRP in SBI’s businesses?

We have already moved aggressively to take advantage of Ripple’s technology, investing in the company in January of 2016, and later launching SBI Ripple Asia (a joint venture) in May of 2016. Very quickly, we launched a consortium of 61 banks, including the top in Japan to use Ripple for both domestic and cross-border payments. And, we are increasingly interested in looking to use XRP for payments.”

“For payments in the critical remittance corridor between the U.S. and Mexico, financial institutions using xRapid saw a savings of 40-70 percent compared to what they normally pay foreign exchange brokers. An average xRapid payment took just over two minutes, compared to today’s average of two to three days when sending cross-border payments. The portion of the transfer that relies on the XRP Ledger takes two to three seconds, with the additional processing time attributed to movement across the intermediary digital asset exchanges and local payment rails.”

“Ripple’s blockchain-based solution has been deployed to enhance CIMB’s proprietary remittance product called SpeedSend. This service allows customers to send and receive money with direct account crediting and instant cash collection. The enhancement improves their access to cross-border remittances across the globe — both inbound into ASEAN and outbound to other countries. It is already enabling remittances to corridors such as Australia, USA, UK and Hong Kong.”

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