Ripple’s RapidX solution for cross border payments was released in October last year. The market has been very favourable to the cryptocurrency too, making it the second largest cryptocurrency in the world for the better part of 2018.
As of today, 12 companies, banks and enterprises have confirmed that they either have plans to or have already implemented the RapidX solution with their respective businesses.
Companies Confirm Using RapidX
RapidX is a solution that Ripple came up with and released to public production in October last year, that reduces the amount of money banks and financial entities spend on cross border payments.
The entire XRP is modelled for this product as the money is first converted to XRP and then sent across where it is further reconverted and used.
The genius of this product is that it uses a secure network, is almost instantaneous and is cheap at the same time. While many banks have already implemented it, here are the big names that have confirmed that they use or plan to use Ripple’s RapidX:
- Mercury FX
- Catalyst Corporate Federal Credit Union
- SBI Virtual Currencies
XRP is already supported by most of the top exchanges in the cryptocurrency market. And is also, at the time of writing, the third largest cryptocurrency in the market. So in terms of adoption, Ripple is quite easily placed and is also one of the safest investments in the market.
Most Centralised Decentralised Cryptocurrency
Ripple’s XRP is the only cryptocurrency in the market right now that has established a reputation and found a way to function along with the economies and governments of the world.
That too is very much because the product itself is meant to be for banks and financial institutions. The whole idea is to save money on cross border payments and Ripple has found a successful way to do the same.
The cryptocurrency, across the market and community, is considered as the most centralised decentralised cryptocurrency because it works with the government on a platform that is anti-centralisation.
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