Ripple's place in the crypto market
What is XRP?
Ripple (XRP) is the native token of the California-based start-up Ripple Labs, a blockchain platform that aims to improve cross-border transactions. Chris Larsen and Jed McCaleb developed the platform in 2012 to revolutionize global infrastructure.
The company was founded by Jed McCaleb, who built the first crypto exchange, Mt. Gox, which had a capacity of trading 150,000 Bitcoins per day. However, the exchange suffered a hack in 2013, when 850,000 Bitcoins were stolen. McCaleb later sold Mt. Gox to a French developer and focused his attention on Ripple.
Despite being listed on major exchanges, Ripple has seen a slight improvement in its offering and like most cryptocurrencies experienced significant volatility since its launch in 2012. Cryptocurrency has been subject to a lot of controversies, mainly over the issue of centralization.
While Ripple's decentralization makes it an excellent solution for certain financial institutions, critics have been sceptical of the centralized currency. In addition, Ripple has been accused of selling securities. Its network is said to process transactions in five seconds.
To buy XRP, you must use a cryptocurrency exchange such as Binance. The exchange offers more trading pairs than any other exchange and constantly adds new ones.
XRP as a payment solution
XRapid uses the digital asset XRP to allow real-time payments. Both services enable banks to send money to emerging markets without using local currencies.
The underlying technology also dramatically reduces the capital requirements required for liquidity. XRapid offers a scalable, reliable liquidity solution for enterprises. The company's early tests have shown significant savings in the money it costs to send funds between countries.
Since launching the XRapid network, Ripple has signed up three financial companies to use its technology. These companies include MercuryFX, a payment company in the United Kingdom, Cuallix, a money transfer company, and Catalyst Corporate Federal Credit Union, which serves over 1,400 credit unions in the U.S. Mercury FX, which uses the XRP platform, has expanded to new markets, including the Philippines and Mexico. The company is pursuing an aggressive marketing campaign to reach out to these markets.
XRapid service uses XRP, the third largest cryptocurrency by market cap, to enable faster and cheaper payment. Ripple has been working with banks for several years to use their Ripple blockchain-based technology.
XRPs blockchain-based rails provide a good use case to make traditional financial transactions systems faster and cheaper
Author: Hassan Alzaza
My Name is Hassan Al-Zaza, I am a detail-driven and experienced SEO Content Writer living in Germany with over ten years of experience developing and producing top-notch content. I have a Bachelor's degree in English Language and Literature and a Master's in Business Communication. I have been working for 12 years in marketing, Content Writing, and ad Copywriting across SMEs, corporate, and public sector organizations in the EU and the Middle East region. I helped build brands for a wide range of successful companies from IT and software consultancies to the finance industry, tourism, and retail.
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