xRapid of Ripple and the comparison with Facebook’s Libra
xRapid of Ripple and the comparison with Facebook’s Libra

xRapid of Ripple and the comparison with Facebook’s Libra

By Michele Porta - 4 Jul 2019

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Ripple’s head of banking, Marjan Delatinne, recently said the company already has 20 major customers using the xRapid XRP-based service. And it does not seem to fear the possible competition from Facebook’s Libra in the future.

xRapid for speeding up international payments

In a recent interview with Global Trader Review, Delatinne highlights the case of using xRapid and the impact it could have on international transactions, especially in countries where the transfer of capital is slower and more expensive.

“xRapid went live last October, so it’s a very new product, but we have more than 20 financial institutions using it. But what is apparent with the regional banks and also the payment service providers is that they are hungry for change and for having a competitive edge. That’s really the driver: being able to source on-demand liquidity and providing a real-time experience in terms of cross-border payments. For some difficult corridors, for instance, the Mexican peso and Philippine peso, a transaction currently takes three to four days because the underlying process is still archaic”.

So far 13 companies have publicly stated that they are using or planning to adopt xRapid by Ripple (XRP).

Ripple and Libra have a different approach

Delatinne then addressed the topic related to Facebook and Libra and the possible competition between XRP and Zuckerberg’s cryptocurrency.

Delatinne believes that the social media giant has brought more credibility to the cryptocurrency space but is pursuing a different approach compared to that of Ripple.

“Of course at this stage Libra doesn’t exist. It’s just a whitepaper. But Facebook has started with a vision, and this vision will probably evolve over time, but what we see is that their approach is not necessarily that they are going to work with the financial system. They want to completely transform it and bring a completely different experience. Our approach is different: we are working with the system, so we haven’t been disrupting only. We are happily working with the banks, the payment service providers and the regulators”.

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