Rich Text is a field type that enables authors to create rich text content, on par with traditional editors. Additionally, it allows entries and assets to be linked dynamically and embedded within the flow of the text.

Rich text provides these capabilities while maintaining a rich format on the API response. The API response is in JSON format thereby eliminating the empty <p></p> tags (associated with an HTML response) or shortcodes.

Note: Rich Text field is currently in Beta version.

You can read more about this feature in the Documentation page.