Cryptocurrency

02/10/18 08:05 UTC-4

Ripple has announced the commercial use of the XRP token

Commercial use of XRP token
Commercial use of XRP token

Now, already three companies officially use the xRapid platform and the XRP tokenToken
– is an accounting unit that is used to represent a digital balance in an asset.Details
for commercial purposes, said B. Garlinghouse (CEO of Ripple).

Information about the increase in coverage of the xRapid platform was released at the international conference Swel (USA), and confirmed on the official website and Twitter Ripple.
The xRapid platform is focused on improving the performance and support of payment systems by minimizing costs and increasing the speed of cross-border payments. The website stated that the xRapid payment system and the XRP digital token are officially used by the companies: Catalyst Corporate Federal Credit Union, MercuryFX and Cuallix.

“The BlockchainBlockchain
is a continuous and sequential block chain of information (digital linked list). When building a blockchain, copies of related blocks are simultaneously stored on multiple computers.Details
technology and the Ripple xRapid product eliminate the problems of price, speed and availability. Catalyst Corporate and the technology platforms of our subsidiaries will use the XRP token for fast financial operations across borders on behalf of our credit unions with more than 1,400 members. We have signed a production contract and are now building a cooperation plan,”
– Brad Ghani (Senior Vice President, Operations Director of Catalyst Corporate Federal Credit Union).

The specificity of Cuallix activity is the support of financial operations between the USA and Mexico. MercuryFX Company specializes in international financial transfers. Catalyst Corporate Federal Credit Union supports the work of credit companies (about 1,400) in the western regions of the United States of America. Two of the announced companies, MercuryFX and Cuallix, have already collaborated with Ripple on the platform testing stage.

According to the results of the first projects based on the xRapid blockchain-platform:

  1. The platform reduces transactionTransaction
    – is a financial term that means a logically meaningful operation that can only be carried out completely. Details
    costs by up to 70%.
  2. Thanks to XRP, the speed of work with payments is about two minutes (before that, about three days).

 

Read also about the prospects of the Ripple company and the XRP token in the global financial markets HERE

Editor: Yuliya Soroka

#Ripple #XRP #xRapid #cryptocurrency

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