Cryptocurrency market prices are showing a modest recovery, offering hope for the months ahead. So far, the American startup Ripple has used its native token XRP primarily with xRapid in practical use. With a new upgrade, customers using xCurrent will also gain access to XRP.
David Schwartz, Chief Technology Officer of Ripple, announced on Twitter that the latest version of the cross-border payment solution xCurrent is live, and more than 200 customers now have the option to use xRapid. xRapid uses the digital asset XRP to move value from one place to another. With Upgrade 4.0, customers can use a so-called switch that enables access to xRapid. Schwartz added (loosely translated):
4.0 is live. We are working to bring all customers up to date, but it is a complex process. Multihop, xRapid support, much simpler peering, and a significantly easier customer integration process are the main new features.
The upgrade promises “increased product interoperability” and gives banks, financial institutions, and other users the ability to “seamlessly access xRapid for digital asset payments.” Simply put, this means any financial institution in the Ripple network—a group of banks and payment providers that rely on Ripple’s technology—can implement xRapid more easily and use XRP to improve the speed and liquidity of cross-border payments. The upgrade is complex and requires internal software adjustments, so potential customers cannot simply press a button to activate the switch. Schwartz explained further (loosely translated):
Because of differing architectures, the upgrade can unfortunately be somewhat tricky and may require changes to customer software. We are learning a lot about maintaining enterprise software for financial institutions and are constantly working to improve our processes.
Ripple first outlined the upgrade’s details last November. Highlights include:
- Multi-hop payments: New liquidity rules for consolidating nostro accounts and expanding payment reach
- New user interface to test and manage xCurrent
- Bulk-FX: Quickly purchase large balances on RippleNet
- Seamless access to xRapid for digital asset payments
- Server reconfiguration: No more downtime
- Simpler API handling for intelligent automation
Ripple released xRapid last October and offered it as a commercial product for the first time.
Featured Image: Immersion Imagery | Shutterstock