David Schwartz, the CTO of Ripple, is presenting a new-fangled glance at the genesis and approach behind xRapid, the company’s XRP-based payment solution.
Schwartz states, in an interview at the Future of Fintech conference in New York, that xRapid is created after Ripple ran into complexity persuading banks to accept XRP for cross-border payments.
Ripple [XRP] CTO Opinion on xRapid
Schwartz mentions that as per his opinion they do have a struggle on their hands to persuade mostly banks because banks are exceptionally conventional. He added that they are very slow moving. He further said that they have discovered that non-bank financial institutions and payment companies are much, much more belligerent and they are rather more interested in things that can save them time and money and cost. Hence, they built the xRapid product as a means to sort of resolve that predicament, he adds.
Schwartz mentions that xRapid is eventually designed to get rid of regulatory issues and apprehensions regarding the volatility of cryptocurrencies and virtual assets.
As per Schwartz, xRapid is comparatively less volatile than fiat currencies because of its velocity. With xRapid, fiat is converted to XRP, sent overseas, and transferred back into fiat in the matching country. Interestingly, this process only takes less than 2 minutes to complete.