In 2013, not to mention Ripple (XRP) or other coins, many people did not fully understand the opportunities and potential implications of cryptocurrency and blockchain technologies involved. For many, cryptocurrency was a dark technology used by hackers and cyber criminals on the dark web to manipulate their innocent victims into paying them incomprehensible money.
But since researching and continuously reporting on this promising new technology, the same people are now studying and discovering key areas that cryptocurrency and blockchain technology is bringing into our world.
The exciting thing, however, is that virtual currencies existed before the advent of cryptocurrencies, even though they are not the same. In previous virtual currencies, their technologies were more based on a centralized framework, while cryptocurrencies were more based on a decentralized framework. Examples of cryptocurrencies are Ripple’s XRP, Bitcoin, and Ethereum.
Global cryptocurrency and blockchain technology is evolving with every moment that passes. One of the most recent significant inventions or market participants is the idea of the Liechtenstein Bank, known as LCX or Liechtenstein Crypto-Asset Exchange based in Vaduz Liechtenstein.
We @LCX are excited to partner with the leaders in the #Crypto # Blockchain industry.
Thank you @ripple @ethanbeard for your commitment and all your support. ???? #XRP ???? pic.twitter.com/H8Se2nTov2
– Monty Metzger (@montymetzger) October 8, 2018
What LCX is currently doing is establishing a regulatory exchange network that will facilitate the trading and exchange of security tokens as well as other cryptocurrency assets in a manner that complies with established legal and regulatory requirements.
LCX is also believed to be working to launch a crypto custody product alongside a cross-border fiat product on its crypto exchange that will open up crypto markets to hedge funds, high net worth investors, family offices and institutional Will support investors. These type of investors have been excluded due to concerns about liquidity, regulatory compliance, and investing safety.
The announcement of the introduction of xRapid technology by Ripple
Speaking to the community at the Swell 2018 conference, Brad Garlinghouse, CEO and founder of Ripple Labs, made key revelations regarding their blockchain-based technology, which is responsible for near-instantaneous cross-border transactions.
It is now clear that Ripple is pushing to expand the use of its default currency, XRP, to new heights beyond the settlement and banking space that Ripple is primarily focused on.
According to Ripple, xRapid is used by three cash clearing providers namely Cuallix, Mercury FX, and the cooperative finance company Catalyst Corporate Federal Credit Union.
Ripple’s top vice president of product, Asheesh Birla, was quoted as saying to CNBC:
“I am pleased to be bringing the xRapid product onto the market at a time when there are many doubts about digital assets and their real application.”
In addition, for some time now, Ripple has been taking every opportunity to stand out from a private company and its standard virtual currency XRP Ledger, XRP. For a long time there was conflicting information between the two.
Of the 100 billion XRP coins that exist, Ripple claims 60%, but the company has about 55 billion XRP locked in an escrow account to ensure a steady supply of XRP at all times.
A defining moment in Ripple’s history
The introduction of xRapid is a crucial moment not only for Ripple, but for the entire cryptocurrency sphere. This new development marks the first time financial institutions have used Ripple XRP to run commercial applications, a celebration of Ripple’s drive to make cryptocurrencies and blockchain technologies mainstream in the financial sector.
Prior to the launch of xRapid, pricing activity in XRP was in abeyance as none of the other reputable Ripple services are attached to the standard XRP coin. For example, Ripple’s Service xVia recently announced that its operations span up to 40 nations on six continents. xVia enables high-speed processing via RippleNet, but has nothing to do with XRP.
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Disclaimer: This article should not be construed as investment advice and is not intended as investment advice. Global Coin Report and / or its affiliates, employees, authors and subcontractors are cryptocurrency investors and may or may not have holdings of some of the coins or tokens they cover from time to time. Please do 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]