Startup Ripple published the results of its pilot program on Wednesday. The report focuses on the company's offer of cryptomonade XRP, and says those who fit the pilot have made significant savings on commissions, but also on transaction times per total. The company announced a number of partnerships in recent months with xRapid and xCurrent leading companies, another offering that does not use cryptomoneda XRP.
Product manager Asheesh Birla said in an interview that the company is studying several pilot projects to find out if the results are quite similar in all cases. As a result, the startup aggregated the data in a report released on Wednesday saying savings of 40-70% were expected. He also noted that cross-border transactions with cryptomoneda ripple only takes a few minutes, compared to a few days for traditional payments of this kind.
Platforms that pilot xRapid confirmed these speeds, he said, and added that "there was something like" wow! This thing takes place in a few seconds to the end "and that it is not possible to take into account the way the traditional system works today."
Transactions from one financial institution to another lasted only a few minutes. The portion that actually involves the XRP registry lasted a few seconds. Much of the time consumed was caused by the institutions converting fiat into XRP and vice versa through local exchanges.
"It takes only a few minutes to process and send them to your local channels," he said.
Now, Ripple plans to focus on switching programs on a large-scale launch, but there is no clear schedule for these plans.
"We will continue to run pilot projects and work on the latest shades of the product. The next step now is to pass those customers from pilot to production. When it comes to financial products and payments, there is no "do it fast and ruin things" in Silicon Valley, we have to be sure we ended up with all buttons in terms of security from the point of view of compliance "Explained Birla.