Ripple has a long list of customers using its network, RippleNet. The current number stands at around 120 and includes Bank of America, Credit Agricole, Mizuho Financial Group and Santander.
A number of companies are also transferring XRP as part of their business model. But how many companies are explicitly using xRapid – the company’s real-time settlement platform that uses XRP to offer on-demand liquidity?
Here’s a breakdown of 10 companies that are confirmed to be either testing or have fully implemented xRapid.
Companies Testing xRapid
• IDT
Companies Using xRapid
• Cuallix
A more complete picture of the companies using xRapid could emerge in the coming months.
Ripple CEO Brad Garlinghouse says he believes dozens of banks will use its XRP-powered xRapid technology next year.
However, a new report from Reuters entitled “Banks unlikely to process payments with distributed ledgers for now, says Ripple” may call that into question.
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Till SEC define XRP is a security or isn’t, they can not support it now, especially, tax issues
“We are at the starting line of a Marathon” Brad Garlinghouse
The Rueters article reported by others have taken quotes from the articlle out of context to deliberately mislead and distort.
Here is the article correctly edited that explains why Ripples inter-ledger block chain is being adopted by the banks and the distributed shared ledger, such as Ethereum and Hyperledger Fabric, is not in the near future for banks.
While xCurrent uses cryptography, each party using the system does not have access to a shared ledger, as is the case with distributed ledgers like ethereum or Hyperledger Fabric.
Therefore…
“Banks are unlikely to use distributed ledgers to process cross-border payments for now because of scalability and privacy issues, according to Ripple, one of the most prominent startups developing the technology…”
David Schwartz then comments that he agrees with the banks concerns that shared distributed ledgers are not yet workable where privacy and scalability are required…
“I will concede, we ( meaning, the distributed ledgers) haven’t gotten there yet,” Ripple’s chief cryptographer David Schwartz said in an interview….”
That is why Ripples XCurrent blockchain was designed as a private ledger protocol, immutable (unalterable) specifically for bank gross settlement… and in the future distributed ledgers will be able to plug into XCurrent technology.
Schwartz goes on…
“Several banks have tested or deployed a system Ripple developed for international payments that uses a “bi-directional messaging” that can eventually plug them into distributed ledgers, but xCurrent’s technology itself “is not a distributed ledger,” Schwartz said… XCurrent uses an immutable “interledger” protocol which Ripple says improves on existing payment networks because it offers instant settlement.’
Either Ripple has duped the IMF, 40-some central banks and over 100 financial institutions….or their technology actually works and saves a lot of money and time, with XRP, as attested by BBVA, Currencies Direct, Cuallix and Mercury FX. Instant payments exist and abound, but Ripple also has the only solution for instant settlement.
Yea that Reuters article came from Matt Leising if I’m not mistaken, he also writes for FUDDEsk and both he and they hate Ripple and XRP with a vengeance, anything coming from them you can put down to fake news as far as Ripple and XRP are concerned, that article gained zero traction anywhere else so just FUD born out of a mouth frothing hatred.
Exactly. Makes no sense. But if XRP truly has the utility they say it does, these prices are too good to be true. Stack up.
I’m not a ripple fanboy at all, but how the xrp token is undervalued right now with so much hype and use cases boggles my mind when I see other tokens moon with the smallest amount of hype