Ripple’s xRapid to be used by Cambridge for faster global payments – market sentiment turns bullish!
Cambridge Global Payments aims to provide faster global payments using Ripple’s xRapid technology. Cambridge is a subsidiary of Fleetcor Technologies and facilitates payments in North America, Latin America, Europe, and Australasia.
Ripple, a remittance network written using C++, is a real-time gross settlement system (RTGS). Its digital currency (XRP) is an open payment network where the currency can be transferred.
David Schwartz, Ripple’s Chief Cryptographer explained,
“Payment systems today are where email was in the early ’80s. Every provider built their own system for their customers and if people used different systems they couldn’t easily interact with each other. Ripple is designed to connect different payment systems together.”
Five new financial institutions have joined Ripple recently and will strengthen the already emerging markets access to countries such as India, China, and Brazil. The company aims to create 100 billion XRP tokens ultimately. But, as the company stated, ‘all of it is not to be circulated, half of it will be retained by Ripple itself’. xRapid is currently used by Cuallix, MoneyGram, IDT Corporation, Mercury FX and Western Union.
Ripple is claimed to be free(ish) and not completely free. To avoid the system from being swamped by one individual trying millions of transactions at once, Ripple deducts a considerable amount from each transaction as a safeguard which is destroyed and not retained. Ripple’s current value is $0.9099 USD and is ranked third among the cryptocurrencies.
Mark Frey, Chief Operating Officer for Cambridge Global Payments says,
“We look forward to exploring how Ripple can help us continue to improve the customer experience using new technology”
Maria, an ex- XRP investor and a Twitter user said,
“This is for those who think these Ripple partnerships aren’t going to help XRP cuz it’s just using xCurrent. Ripple is working to turn those xCurrent partnerships to xRapid!! Their plan of getting them comfortable with the tech first is extraordinary!”
Jeremy Dean, a Financial Advisor with one of the biggest banks in America says,
“Already three banks have accepted that cryptocurrencies are a threat to their business, we should now see banks like Cambridge accepting blockchain more openly if they want to survive”
Raghav Pandey, a Ripple fanatic from Chennai says,
“The prices haven’t gone up with so much FUD going around. I like the fact that all the FUDers are quite now. Why isn’t the media covering this? Ripple is killing the FUDers not with talk but with action”
Binny Wright, a Ripple skeptic, and a cryptocurrency investor says,
“Lol.. its funny when Ripple gets a good news the prices go down. XRP has no place in the decentralized world. It will eventually fail”
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