xRapid is the new product by Ripple for payment providers and other financial institutions who want to minimize liquidity cost
Sagar Sarbhai, Head of Government and regulatory relations, APAC & Middle East at Ripple recently gave an Interview to CNBC and mentioned that xRapid could get live as soon as next month.
Sagar Sarbhai, Head of Government and regulatory relations, APAC & Middle East, Ripple
Giving his views about the new project, he further mentioned that xRapid is designed to work as a bridge between different currencies around the world making it easy for payment providers and other financial institutions to process the cross border transaction much faster. Cross border payments is a big issue for emerging markets and foreign remittances accounts for billions of dollars in emerging markets and one of the biggest issues that these markets are facing is of delayed payments and high fee, xRapid is looking to address both these issues.
Sagar mentioned in the interview that “I am very confident that in the next one month or so you will see some good news coming in where we launch the product live in production”
xRapid will be powered by XRP in order to lower the cost and improve the transaction time.
Commenting on XRP, Sagar Sarbhai said that “I don’t believe XRP is a security, we are not giving any dividend to our holders, as i don’t endorse that concept” . Further commenting on the matter about SEC, he mentioned that it’s up to them what they decide, we don’t have control over their decision.
XRP surged 75% after his comments
XRP surged about 75% in last 3 days after his comments on the matter and early release of xRapid. XRP gained about 40% in 1 day alone making it one of the best performing crypto currencies of the month.
XRP’s market cap also increased in recent days and currently stands at around $18 billion, making it the 3rd largest crypto currency in the world after Bitcoin and Ethereum.
XRP suffered a lot in this year’s bear market, in fact it has been the worst performing major crypto currency, down about 80% from its all-time highs. Bulls are expecting a roaring comeback from XRP in coming days following some positive news from the company.
Is Toronto Next to Accept Bitcoin for Property Taxes?
Toronto is the biggest city of Canada with a population of more than 6 million. It’s also one of the leading global financial centers which makes it an attractive place for investors.
Bitcoin has emerged as the leading cryptocurrency in the world and attracted a lot of attention from financial investors. There are many crypto exchanges and investors in Toronto, which makes it an important destination for crypto startups and investors.
Recently, there has been a surge in usage of Bitcoin in the Real Estate world as lot of companies around the world are now accepting Bitcoin for buying and selling of properties. In April 2019, Innisfil, A town located in Ontario, at a distance of about 1 hour drive from Toronto, announced that they will accept Bitcoin for property taxes at the municipal level. In July this year, Richmond Hill announced that they are ready to accept Bitcoin as a payment method for property taxes.
Evan Kuhn, Co-Founder of a Toronto based crypto exchange Coinberry believes that integration of Bitcoin as a payment method for property taxes in Toronto can reduce cost, not only for tax payers, but for municipalities as well. Kuhn mentioned
“It doesn’t cost homeowners to use the service, and it costs the municipalities far less in processing fees”
“A credit card company charges a 3% fee,” he said. “Our fee is .5%, so that’s a lot more beneficial for the municipalities.”
He further explained the entire process to make it simple for the users and for the authorities. “When a resident makes a payment through our exchange, the company immediately converts the Bitcoin into Canadian Dollars and pays the relevant authority, so in basic concept this entire process works like a credit card system but with lower fee for both parties”
Morning Crypto Roundup
- Crypto market entered into a consolidation phase, with market cap at around $265 billion, market is currently trading in a range
- Bitcoin stays above $10,000
- Gray scale reported in a recent report that there are 7.1 million active Bitcoin users worldwide with more than 32 million Bitcoin wallets.
- After Innisfil and Richmond Hills, is Toronto next to explore an opportunity to pay property taxes through Bitcoin?
- According to a report from CryptoCompare.com, Untrusted crypto exchanges are dominating the crypto volume with more than 2/3 share