Provider of financial services distributed Ripple published the first pilot projects using the token XRP and technology xRapid.
As stated in the official statement Ripple that participated in the pilot financial institutions have been able to save from 40% to 70% in comparison with the expenses they incur using the services of traditional providers.
The average transaction time was just over two minutes, while a normal international Bank transfer take 2-3 days. During this operation network the XRP Ledger takes only 2-3 seconds , while the rest of the time accounts for additional processing by third party exchanges and local payment services.
The token takes the 3rd place by market capitalization from the list of digital assets CoinMarketCap and is part of a broad initiative, which the California-based company Ripple has conducted with the purpose of transformation of the banking industry.
Despite the fact that the true value of XRP by many representatives of the financial and blockchain industry is not without reason is questioned, the company believes that the token will be used not only for speculation on the exchanges and that it will be widely used to move values and will help organizations to free up funds for other purposes.
“We offer exchange rates are very favorable, and the time of the transaction – just incredible. In comparison with the network of correspondent accounts in SWIFT, everything happens lightning fast”, — said in comments to Forbes Alistair Constance, Director of the London Mercury FX, one of the participants in the pilot projects Ripple.
He also confirmed the numbers, which led Ripple. In the experiment, which was conducted by Mercury FX, involved a non-profit organization Mision Mexico. Instead of donations through the traditional banking system, funds are almost immediately sent with XRP tokens and converted into Mexican pesos.
“The positive results are encouraging xRapid, so confirm what is already known to many in our industry: certain digital assets have actual application. In the case of XRP is the speed and scale and this makes it ideal for cross-border payments”, — said the senior Vice President of products Ripple Ashish Birla.
At the same time, it should be noted that if the network is XRP Ledger in theory can handle 1500 transactions per second, it is on this indicator is still significantly inferior to the payment system Visa with its 24,000 transactions per second. Similar indicators are estimated 30 million SWIFT transactions per day, or about 350 per second.
Earlier this month, one of the investors XRP filed a lawsuit against the company Ripple, alleging that she violated US Federal laws on securities and the laws of the state of California, when he launched a public sale of tokens.
Download the app ForkLog for Android smartphones!