It had been hyped excessively by Ripple and its annual ‘Swell By Ripple’ conference lived up to the hype. The conference which was held at Ripple’s San Francisco, California headquarters brought together industry titans, lawmakers, crypto enthusiasts and a former president who headlined the event. Bill Clinton spoke on the potential of blockchain and how the state of regulation will greatly impact the future of this technology. During the event, Ripple’s CEO revealed that their much-publicized xRapid product which uses its XRP token to facilitate cross-border transfers was being used by three companies after an extended trial period.

Swell By Ripple

The event was held over October 1-2 in San Francisco and brought together stakeholders spread out across the crypto, banking, finance, technology and legal fields. The first day kicked off with a keynote speech by Bill Clinton, the 42nd American president. Clinton, who served for eight years between 1993 and 2001, spoke on a wide range of topics including the thorny gun laws debate, America’s foreign policy and technology.

Regarding blockchain technology, Clinton recognized the great potential the technology has to impact on the future and called on regulators to formulate friendly regulations that will foster and not stifle development and innovation. Further, he pointed out that with new technologies comes a disparity with people’s access, with those from disadvantaged regions lacking the access. Blockchain technology must not take the same route and should be availed to everyone equally.

Blockchain technology must also be protected from exploitation by criminals, he cautioned. As with any new technology, criminals are always quick to exploit it before anyone else as with Bitcoin and its early ties to criminals. He linked the ties to the early concerns about the potential use of GPS technology by criminals.

Ripple’s CEO Brad Garlinghouse took the stage next to welcome the attendants, and he had some exciting news for the Ripple community. Garlinghouse, who has been at the helm since the founder Chris Larsen stepped down to take over as the executive chairman, announced that Ripple’s newest product xRapid was now being commercially used by three companies for money transfers. xRapid is one of three products the company offers – the other two being xVia and xCurrent- that facilitate almost instantaneous money transfer. xRapid is the first product that uses Ripple’s native cryptocurrency, XRP.

The three companies making use of xRapid are London-based international payments firm Mercury FX, credit and payments processing solutions provider Cuallix and Texas-based Catalyst Corporate Federal Credit Union which is a payments aggregator focused on credit unions. MercuryFX and Cuallix have previously announced their pilots with xRapid and according to Garlinghouse, the results have convinced the companies to take up the product fulltime.


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