What’s going on with Ripple?
The pressing matter of how many companies are truly set to use Ripple is a concern that is on the minds of many who are watching the controversial cryptocurrency.
Ripple has a had a flurry of activity in signing up banks to work with them and provide them with services such as xCurrent, and bringing them to the new payment processing era. Yet, this flurry of activity might have been widely confused by many to imply that the company was partnering with these various banks to provide them the incentive and ability to use XRP in their day to operations for its several use cases. This was certainly not the case. As a matter of fact, in reality, only a few have expressed their intent in using XRP, an even those few are using XRP in a pilot or test setting in an internal manner. Who are these few? Moneygram, and a financial institution based in Mexico, called Cualix. These two firms plus, Mercury FX and the telecom service company called IDT, have signed up to test out their xRapid product to tap into Ripple’s offering of liquidity.
These firms signing up to test XRP and it’s utility may serve as an initial good sign in that, at the very least, Ripple is trying to work with companies to get them to sample the potential benefits of using their cryptocurrency XRP, giving XRP investors hope and renewing their faith in the bankers coin.
But of course, one question does now linger. Will these companies that are testing out XRP internally, be deploying them in their day to day operations?
The Chief Executive Officer of Ripple Comments
Garlinghouse, the chief executive officer of Ripple has been quite vocal on his thoughts on the lack of faith in XRP.
Just the other day he’s tweeted out what xRapid could do for financial institutions, and how it could truly help alleviate pains in the cross-border payment process.
“Curious how xRapid alleviates the pain of cross-border payments?
“Rather than MoneyGram putting millions in cash into a country and then exposing that cash to price volatility, they would be able to exchange money in real time and on the fly.”
Yet, the fact does remain that at the present moment, the institutions that are using xRapid are using it solely for internal purposes and are testing out before it can be deployed elsewhere. This is not troubling news in and of itself, this simply means that the institutions are doing their due diligence and are in the checking stages, looking to see if the product can live up to its expectations and can help them meet their current needs.
A representative of Mercury FX told Coindesk that ““I imagine we will be able to begin using XRP for customer payments in the coming months.”
The next question
The next questions that will continue to linger the in minds of current and potential investors is, when will institutions that are piloting xRapid, confirm its utility and roll it out to for regular use? How many will eventually deploy it this year?
2018 will be an interesting year to look forward to as projects like Ripple take more action to live up to their promises and road maps.