The Xpring initiative backed by Ripple is currently focused on the $5 trillion dollars market. This is according to Warren Paul Anderson, product manager at Ripple.
This comes after the Swell 2019 event that took place between November 7 and 8 in Singapore, one of the most open countries towards cryptocurrencies.
Xpring Focuses on a $5 Trillion FX Market
The cryptocurrency market has recently reached a market capitalization of $240 billion. It has never surpassed the $1 trillion level, not even when Bitcoin was traded close to $20,000 in some exchanges such as Coinbase or most of the altcoins were reaching record prices.
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Warren Paul Anderson explained that Xpring is focused on the $5 trillion a day FX market compared to the $2 billion a day cryptocurrency market.
He has also mentioned that they are very happy about the development of the Xpring solution and its development.
About it, Warren Paul Anderson commented:
“Before Xpring I actually also created the xRapid product. We are very proud that the product has grown to over 100 people that are supporting it within Ripple.”
"Before Xpring I actually also created the xRapid product.
We are very proud that product has grown to over 100 people that are supporting it within ripple”
Xpring focused on the $5T a day FX market,compared to $2B a day crypto market pic.twitter.com/a2aa0A9A4x
— ༜༝🅂🅃🅄🄰🅁🅃🅇🅁🄿💧⚡ (@XRP_stuart) November 10, 2019
Ripple has been expanding all around the world as a firm that reduces transactional costs and times for financial companies and banks.
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The XRP cryptocurrency is also used to improve liquidity in specific market corridors that are illiquid or in which it is expensive to perform cross-border transactions.
According to Joel Katz, CFT at Ripple, the company aims at enabling payments everywhere, every way for everyone. This is why the firm is currently offering solutions to over 300 firms located in different continents and jurisdictions.
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