Ripple’s cryptocurrency product for cross-border payments will go live for the first time with three financial institutions.
The San-Francisco-based financial technology firm said Monday that xRapid, which uses the cryptocurrency XRP to carry out international transactions in “a matter of minutes,” is now commercially available.
It will be used by payment providers Mercury FX and Cuallix, as well as cooperative financial firm Catalyst Corporate Federal Credit Union, Ripple said. Chief Executive Brad Garlinghouse was set to announce the news at the start-up’s annual Swell conference, a two-day event attended by industry representatives, on Monday.
“I’m really excited to bring the product into the market at a time when there is a lot of skeptcism about digital assets and their real use case,” Asheesh Birla, Ripple’s senior vice president of product, told CNBC.