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Ripple appears to be shifting to a new approach after it removed all mentions of its cross-border payment products from its website: xRapid, xCurrent, and xVia.
In what seems to be a major rebranding, the company is now appearing to be marching ahead with key focus on its global payments network called RippleNet, according to a report by The Daily Hodl.
The news site noted that Ripple has renamed its XRP-based payment solution xRapid to On-Demand Liquidity. The firm has dedicated a new page to detail how its clients can use the new platform to source liquidity through the XRP digital asset.
“While any financial institution on the network enjoys reliable, instant and lower-cost transactions, those who use the digital asset XRP to source liquidity can do so in seconds—freeing up capital and guaranteeing the most competitive rates available today,” its website stated.
As previously reported, On-Demand liquidity via Ripple’s xRapid cross-border payment service enables firms to transfer funds from one currency to another without the need to open bank accounts in countries they want to send their payments and hold funds for cross-border transactions.
However, the name xRapid is still being used as a reference in Ripple’s job page.
Meanwhile, Bitcoinist noted that all banks utilizing xCurrent, its payment messaging system, automatically join RippleNet.
The report stated that Ripple previously tried to explain the need to utilize XRP coin within its payment system. The xCurrent network served as a distributed ledger without the need for XRP, whereas the xRapid system facilitated the adoption of XRP.
The third product, xVia, also appears to have been removed from the website.
For years, XRP was sold or airdropped to users. However, the actual use of the digital coin was questioned, especially in the banking sector. Thus, Ripple appears to have opted to do a major overhaul to segregate itself from the digital asset XRP.
Ripple said that over 200 clients have signed on to RippleNet and over a dozen are leveraging XRP in cross-border transactions.
Meanwhile, the alleged rebranding follows after the blockchain startup expanded its operations in Iceland, after acquiring crypto trading firm Algrim. Its investment firm Xpring also recently acquired Logos Network to develop decentralized financial (DeFi) products.
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