Brad Garlinghouse Claims Ripple Partners are Getting Ready to Adopt XRP

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Brad Garlinghouse Claims Ripple Partners are Getting Ready to Adopt XRP

During the last week Ripple Labs announced going over the milestone of getting past over 200 customers now using or testing Ripple remittance products.

Alongside announcing 13 new partner banks and financial institutions last week, Ripple announced five financial institutions among the new RippleNet partners who are set to use XRP as a liquidity asset through xRapid, which is the only financial product designed by Ripple Labs that actually uses XRP.

Moreover, xRapid was announced back at the end of September 2018, while it officially became available as an active remittance system already in October, when the CEO of Ripple, Brad Garlinghouse, stated that he expects to see more banks using xRapid.

Regarding the latest achievement of the 200-customers milestone, Garlinghouse claims that many of the current Ripple Net partners are preparing to use XRP, while one of the latest Ripple partners, Euro Exim Bank, is already said to launch xRapid-based system in the first quarter of 2019.

Garlinghouse Says XRP and xRapid “Better, Faster and Cheaper”

In one of the most recent interviews for Fortune, the CEO of Ripple Labs stated that this is the year (2019) when Ripple will get separated from “chaff,” adding that more banks are ready to “flip the switch” when it comes to XRP and xRapid remittance system.

As Garlinghouse claims, media was stubbornly reporting that no one will use XRP only several months before, adding that one can’t say that today as more banks are turning to XRP as their choice for fast and secure cross-border payments.

Euro Exim Bank is one of such financial institutions, planning on rolling out xRapid service already in Q1 2019, with a clear objective of making the service available in over 80 countries around the globe.

In this case XRP should represent a cheap source of liquidity, allowing banks to move funds with XRP by transferring other currencies into XRP unit, that way maintaining foreign accounts with more liquidity and lower costs.

Besides from Euro Exim Bank, more banks are joining to showcase the practical side of XRP adoption as Transpaygo, SendFriend, FTCS and JNFX are also planning on using xRapid.

Euro Exim Bank Won’t Own Any XRP

The Head of Operations at Euro Exim Bank, Graham Bright, says the process of sending funds through cross-border system will become much faster and cost-effective with XRP and xRapid.

However, one has to note that the bank itself won’t be holding any XRP.

Instead, the bank will be relying on BitPay service, which should take care of all cryptocurrency-related operations.

Brad Garlinghouse added that this case will change in the near future as Euro Exim Bank is planning on opening an exchange service that should further hold all XRP, but it is yet not clear whether Ripple will be handing out a part of their XRP supply to the bank or if the bank should purchase its own XRP units.

As it is already a well-known fact, Ripple Labs holds 60% of the existing amount of XRP, which is why XRP was brought into a question on centralization more than once, also supposing that the bank will receive at least a portion of the XRP the company is holding.

Garlinghouse didn’t provide an answer on this matter in the original interview. 

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