Ripple XRP is the third largest (or I’d say third most successful) cryptocurrency in the world by market capitalization. Ripple’s blockchain technology has found ways to make international transactions quicker, safer, cheaper, and more efficient so many banks and other financial institutions are adopting it to carry out their daily transactions. Ripple’s innovations are remarkable and they are quickly becoming the financial’s world cryptocurrency of choice.
The firm is based in San Francisco, California since 2012. Chris Larsen and Jed McCaleb are the founders. They created and developed the Ripple Payment Protocol and Exchange Network (which was called Opencoin at the beginning but was renamed Ripple labs in 2015.) The CEO is Mr. Brad Garlinghouse.
Ripple’s way of doing business is very different, of course. That’s why it’s been so successful so far. Here are some of the main differences:
Ripple’s focus on optimizing international trade and payments is unparalleled in the cryptocurrency world. That’s why banks and financial institutions the world over are going crazy over it. It makes them better banks, more efficient, safer, cheaper. XRP has become an alt-coin that’s become highly friendly and desirable for the financial community the world over.
Ripple’s transfers are nearly instantaneous and the fee it charges to banks and institutions is lower than any other coin available. Compare this to Bitcoin, which can need as much as ten minutes to complete a single payment operation. Ripple’s transfers are insanely cheap, they remove lifting fees, board rates, charges caused by the SWIFT system, Nostro accounts and all those charges that seem hidden to end users.
Ripple’s functionality has allowed it to secure partnerships with some of the world’s most important banks. Here are some of them:
More than seventy-five financial institutions all over the world have already adopted Ripple and some other thirty are experimenting with it.
Members of the world’s financial community find it easy to trust those other members who are actually following regulations and guidelines to guarantee the service’s quality. The increasing rate at which banks everywhere are adopting Ripple shows they’re confident and committed to the new technology.
They’ve realized it is the best current alternative for faster, safer, cheaper payment settlements and transfers. This also works to the banks’ customers advantage as they usually prefer to trust banks over non-banking institutions they don’t really know anything about. This puts Ripple way ahead of the pack.
Last but not least, XRP remains cheap to this day so as demand grows for it, its potential for performance and growth can only explode. If Ripple’s XRP manages to be adopted by the world’s banks, it could very well leave Bitcoin (BTC) and Ethereum (ETH) behind.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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