Fast Company, a major American business brand, and magazine with a focus on business, technology, and design, has named Ripple’s xRapid as one of the honorable mentions for its 2019 World Changing Ideas Awards under the Developing-World Technology category.
xRapid was chosen for its specific activity in the increasing effectiveness of transactions, dependability and also its success with reduction of transaction fees, especially in the developing world.
Ripple’s official Twitter made this known with a tweet saying:
“Ripple’s xRapid is honoured in @FastCompany’s 2019 World Changing Ideas Awards for helping improve reliability and lower the cost of remittances in the developing world! bit.ly/2G8ulbY #FCWorldChangingIdeas”
The ‘World Changing Ideas awards’ was started in 2017 and has awarded and honorably mentioned quite a few important businesses, institutions, and non-profit organizations over the last few years. These awardees and mentions, according to Fast Company, work tirelessly in trying to “help shift society to a more sustainable and more equitable future.”
About Ripple’s xRapid
Sometime in October of 2018, Ripple announced the deployment of their xRapid. Basically, xRapid is a platform that’s created for banks to seamlessly make monetary transactions across as many borders as possible, using Ripple’s XRP without any hassles of financial restrictions or exchange rates.
Transfers like this would usually take days till completion but using xRapid, banks have been noted to complete these transactions within minutes. These banks have also recorded a 70% growth in savings since they began using xRapid.
According to Asheesh Birla, Ripple’s senior vice president of product, xRapid is a tool for creating “a ton of value and providing a ton of value to our customers using digital assets to move money more efficiently.”
Ripple initially floated a service called xCurrent which is currently being used by at 200 different banks. xCurrent is a service that allows these banks to speed up their transactions and also helps them communicate more effectively, through the blockchain tech.
However, the major difference between xRapid and xCurrent is that the latter does not use XRP to settle its transactions. XRP hopes to make sure all their bank partners eventually upgrade from xCurrent to xRapid.