Ripple, the company behind cryptocurrency XRP, is suddenly setting its sights on Asia, in part because banks on the continent are more open to innovation than US-based firms. The company is speeding up plans for XRapid, a product that enhances cross-border payments in emerging markets.
XRP gripped the attention of the financial media as its price soared by 1,400% in less than a month. But behind the headlines about a soaring cryptocurrency is an upstart financial technology company looking to simplify and expedite international currency flows.
"It would be helpful to think of Ripple as a corporation," Asheesh Birla, VP of product for Ripple, told Business Insider. "We make software products and we sell them to banks, payment providers like MoneyGram, just as an example."
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