In a recent tweet, David Schwartz, Ripple’s chief technology officer, announced that the XRP (XRP)-based xRapid platform version 4.0 is now live, and the more than 200 Ripple’s partners already integrated the update. Accordingly, the updated xRapid 4.0 runs on more than 200 banks and financial companies around the world.
“xRapid 4.0 is live. We’re working on getting all customers upgraded, but it’s a complex process. Multihop, xRapid support, much easier peering, and a much easier customer integration process are the major new features,” David Schwartz said on Twitter.
About xRapid and its recent update
Ripple’s xRapid platform makes use of the XRP (XRP) crypto token to permit banks and financial institutions from around the world to perform instantaneous cross-border transactions and minimize the liquidity costs. Practically, the platform makes the exchange from sender’s fiat currency to XRP (XRP), delivers the payments, and switches the XRP back to recipient’s fiat currency.
Now, the new xRapid 4.0 update focuses on boosting the so-called product interoperability and provides banks and financial companies much more straightforward access to the xRapid platform to speed up and reduce liquidity costs of cross-border transactions.
Back in November 2018, at one month after xRapid rolled out, Ripple highlighted some of the most significant features of the platform. Among them, noteworthy are Multi-Hop Payments for liquidity arrangements, an improved user interface for more straightforward use of the platform, Increased Product Interoperability for easier access to xRapid, and Zero Downtime function which eliminates the server outages after configurations modifications.
Whats does xRapid 4.0 mean for XRP (XRP)?
At the moment of this writing, XRP (XRP) is the third cryptocurrency by market cap, totaling $12,801,328,562, as per CoinMarketCap site. XRP trades at $0.304163, experiencing a slight increase of 1.38% over the past 24 hours.
xRapid 4.0 provides more convenient access to the Ripple’s XRP-based platform, which could mean that increasingly more banks and financial institutions might adopt it in the future. If that’s happening, then the XRP (XRP) crypto token’s adoption rate would surge, making its price grow, also.