In the last months, Ripple has been trying to avoid XRP being considered a security by the U.S. Securities and Exchange Commission (SEC). However, during this time, the company has also been working in order to develop its products.
One of these products is the aforementioned xRapid. It was created with the intention to enable the settlement of value using the XRP currency. There are several financial institutions that have tested the product and confirmed the positive results.
Customers that used xRapid have seen a huge improvement in their cross-border payments. Financial companies were able to reduce between 40% to 70% of trading fees. At the same time, transactions settled in just a few seconds compared to hours or days with other systems.
Corey Johnson, Market Strategist at Ripple explained that the volatility for this product is minimum due to the fact that transactions take less than a minute to be processed.
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