Ripple exec confirms xRapid’s usage increase; indicates implementation as an ILP connector next year
Asheesh Birla, Senior Vice President of Product Management at Ripple, revealed that xRapid, a liquidity solution for banks that uses XRP, was currently dealing with a lot of traffic after indicating an influx of users.
Ripple’s xRapid has been relatively active in the crypto-verse and it was also recently announced that MoneyGram Inc, the second-largest capital transfer platform in the world, initiated use of xRapid solution in order to facilitate cross-border transactions and payments. The partnership between Ripple and MoneyGram can be attributed to the aforementioned increase in the number of customers using xRapid.
In the twitter thread, user Michael iPinky7 queried whether xRapid resonated the functionality of an ILP connector or not.
Simply put, an ILP connector’s central objective is to address various network hosts and then secure the payments across different independent ledgers. In practical application, an ILP connector is supposed to securely provide solutions for routing payments across digital crypto ledgers while segregating the risk of intermediary failures between the sender and receiver.
Birla responded to the query and stated,
“It functions as a ilp connector but not specifically one today. It’s something we want to look at in early next year but we have our hands full with xrapid customers right now so focused on that.”
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