Ripple’s xCurrent is kind of SWIFT 2.0, says CEO Brad Garlinghouse
Ripple’s three unique software products, xCurrent, xRapid and RippleNet have propelled significant adoption as well price rise for its native crypto-asset, XRP. The US-based technology firm aims to provide its users with “crypto-banking experience” with the aforementioned products.
In a recent panel discussion, at the Swiss National Bank Conference, Brad Garlinghouse, the CEO of the fintech company, mentioned the products use cases of its trio. Garlinghouse said that among Ripple’s three vital products, xCurrent, the enterprise software solution, “does not touch crypto” and asserted,
“.. X current is just you know kind of Swift 2.0”
The CEO also said that xCurrent is a messaging framework that is “much more efficient in real time” as compared to the fiat to fiat payment settlements in the traditional financial entities.
During the session, he also spoke about the liquidity solution provider for banks, xRapid which was introduced in the fourth quarter of 2018. The CEO explained that the product witnessed significant demand from the financial institutions, which sought to open up new corridors of payments but did not want to create any new nostro-vostro relationships.
Going further, Garlinghouse touched on RippleNet, the blockchain-based banking, and payment network and stated,
“.. the third product is simply an API that allows corporates to do real-time payouts into this network that we call RippleNet”
The CEO is of the opinion that by standardizing on an open source API is the key to efficiency in terms of cross-border remittance. He believes that Ripple has been successful in solving specific problems for specific users and boasts over 200 customers globally under the hood.
Its token, XRP was performing significantly well lately. At press time the coin was up by 8.53% over the last 24-hours and was priced at $0.405 with a market cap of $17.08 billion.
According to the CEO, Ripple’s native crypto-asset and open-source technology, XRP was originally developed by engineers who had witnessed some of the major flaws of Bitcoin and the challenge of scalability surrounding it. Garlinghouse had also termed earlier that XRP is a thousand times better than Bitcoin payment settlements.
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