Back in 2013, let alone Ripple (XRP) or other coins, many people did not fully understand the opportunities attached and the potential impacts of cryptocurrency and blockchain technologies altogether. For many, cryptocurrency was a dark technology used by hackers and cybercriminals in the dark web to manipulate their innocent victims into paying non-traceable money to them.
But since the exploration and continuous coverage of this promising new technology, the same people are now learning, exploring, and discovering key areas cryptocurrency and blockchain technology brings to our world.
However, the exciting part is that virtual currencies used to exist even before the emergence of cryptocurrencies, although they are not the same. For former virtual currencies, their technologies were based more on a centralized framework, whereas cryptocurrency is taking more of a decentralized framework. An example of cryptocurrencies includes the likes of Ripple’s XRP, Bitcoin, and Ethereum.
The global cryptocurrency and blockchain technology continue to evolve with each moment that passes. One of the latest significant inventions or entrants into the market is Liechtenstein Bank’s brainchild known as LCX or Liechtenstein Crypto-Asset Exchange which is based in Vaduz Liechtenstein.
We @LCX are excited to work with the leaders of the #Crypto #Blockchain industry.
Thanks @ripple @ethanbeard for your engagement and all the support. ? #XRP ? pic.twitter.com/H8Se2nTov2— Monty Metzger (@montymetzger) October 8, 2018
What LCX is currently doing is to set-up a regulatory compliant exchange network that is going to facilitate trading and exchanging of security tokens as well as other cryptocurrency assets in a manner that is in line with the laid out legal and regulatory requirements.
Also, LCX is believed to be working towards launching a crypto custody product alongside a cross-border fiat product to its crypto exchange which will aid in opening the crypto markets to hedge funds, high net worth investors, family offices, and institutional investors. These kinds of investors have been sidelined into investing due to concerns over liquidity, regulatory compliance, and security.
The Announcement of xRapid Technology Launch by Ripple
Addressing the congregation at the Swell 2018 conference, Brad Garlinghouse, CEO and founder of Ripple Labs, made essential revelations concerning their blockchain-based technology responsible for near-instant cross-border transactions was going live.
It is now clear that Ripple is pushing to expand the use of its default currency, XRP, into new heights beyond the settlement and banking space where Ripple is mainly focused.
According to Ripple, xRapid will be used by three money settlements providers namely, Cuallix, Mercury FX, and cooperative financial company Catalyst Corporate Federal Credit Union.
Ripple’s top vice president of Product, Asheesh Birla, was quoted disclosing to CNBC,
“I am excited to bring the xRapid product into the market at the time where there is a lot of doubt concerning digital assets and their real use case.”
Moreover, for quite some time now, Ripple has been utilizing every opportunity to distinguish itself from a private firm and its default virtual currency of XRP Ledger, XRP. For a long time, there has been conflicting information between the two.
Out of the 100 billion XRP coins that are in existence, Ripple claims ownership of 60%, but the company has kept about 55 billion XRP’s locked up in an escrow account to ensure a steady supply of XRP at any given time.
A Crucial Moment in Ripple’s History
The launch of xRapid represents a pivotal moment for not only Ripple but the entire cryptocurrency sphere. This new development marks the first time Ripple XRP is going to be used by financial institutions in conducting commercial applications, a fete in Ripple’s quest to make cryptocurrencies, as well as blockchain technologies, become mainstream in the financial sector.
Before the launch of xRapid, price activities in XRP have been in limbo as none of the other reputed Ripple services are attached to the default coin, XRP. For instance, Ripple’s service xVia recently disclosed that its operations span as far as 40 nations in six continents. xVia enables high-speed settlements via RippleNet but has nothing to do with XRP.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
[Photo, Liechtenstein Cryptoassets Exchange CEO (left) with Ripple CEO (right). Source,twitter.com/montymetzger]
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