Ripple's xRapid Product Gains Momentum, May Launch in the Next Month

A big part of making that a reality will be Ripple's xRapid.

Product, which company executives hinted may launch within the next month.

Ripple September 14, 2018.In an interview with CNBC, Sagar Sarbhai, Ripple's head of regulatory relations for Asia-Pacific and the Middle East, said he was hopeful that xRapid would launch its commercial version in the next month, citing growing acceptance of cryptocurrency and crypto-based products from financial institutions and regulators.

"We've been working on this product for the past 2 to 3 years, and I'm very confident that in the next month or so, you will see some good news coming in when we launch the product live in production."

Ripple's product revolves around creating "Frictionless" transactions on an international level, claiming the current infrastructure for international payments is still "Stuck in the disco era." on its website.

Ripple uses its blockchain network and cryptocurrency token XRP to bypass that entire process, according to the company.

The xRapid product handles the transmission and conversion of funds internationally by converting fiat currency like dollars or pesos into XRP and sending the cryptocurrency to the destination country before converting it back to fiat.

Ripple's first test of xRapid was a transfer between the U.S. and Mexico.

Ripple's xRapid product appears to be bolstering faith in cryptocurrency products, as it is utilizing the product in a commercial way that builds consumer trust in something still relatively new.

One way Ripple's network is already being used, and which xRapid would simplify for consumers, is remittance payments; the practice of workers sending money home to their families from overseas.