Ripple is an American based company that provides payment solutions across the border. Ripple has branches in London, New York, Sydney, Singapore, India, and Luxembourg and aims at a global settlement network to ensure productive transactions between financial institutions across the world.
This platform allows the user to do transactions from any corner of the world in no time and using any currency to a different currency. This technology replaces the older systems like SWIFT transfer and Western Union that have been followed so far. Read on to get a better idea about the digital currency Ripple:
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History of Ripple
Ryan Fugger, a web developer in British Columbia, developed Ripple in 2004 intending to create a decentralized monetary system that allows individuals and organizations to effectively create their own money. By origin, Ripple was known as OpenCoin, and in 2015 it was renamed to Ripple.
This new system requires less electricity and processes transactions faster than Bitcoin. Since then, it has effectively replaced the bitcoin system. Ripple has a network of payment contributors across the world called RippleNet. It connects with payment providers, banking networks, online asset exchanges, and corporate establishments. Ripple uses a digital currency named XRP to do the transactions on Ripple Network.
Characteristics of Ripple
Here are some special features of the Ripple system that makes it feasible for many of us to do transactions. Let us take a glance:
Convenience Around the World
XRP, digital currency is accepted by most of the banks across the world. This makes it convenient for the investors to make transactions exchange of currency around the world in no time without any delay in converting your ripple currency to any other without waiting for a specific price to make the exchange.
Accepted by Banks Worldwide
Ripple differs from Bitcoins, and it is accepted by most of the banks even though it doesn’t have a physical structure. Above seventy-five international banks accepts Ripple in the form of currency, and The Santander, the bank in the UK was the first bank to accept Ripple coin as currency.
World’s Third Popular Digital Currency
The popularity of digital currency is growing daily. Even though Bitcoin and Ethereum are placed first and the second position, Ripple is the third popular currency. Investors are ready to invest billions in this, expecting a huge profit. Convert INR to Ripple at the best rate.
Despite being a start-up establishment, ripple has splendid investors on the list. One of the famous investors of ripple is Google. Many other popular organizations have also come forward to invest in Ripple, as the value is increasing day by day. It is a golden opportunity for an investor to make a profit. This adds to the credibility of Ripple to get more investors in the upcoming months.
How does it Work?
Despite having a huge worldwide network remittance, there is no efficient and well-disciplined global system to handle across the border payments so far. Ripple aims to resolve this issue. To make this happen, Ripple is smart enough to join hands with major financial across the world to form a blockchain-based solution. One can join RipplesNet- a global network and process their payments anywhere in the universe quickly, assuredly, and economically through ripples financial institutions.
For example, if a client has to transfer $ 2 million from the US to a Bank in India, without battling with the formalities, processing fees, exchange rate commission, and transaction time, RippleNet can transfer $2 million worth XRP to the bank in India’s ripple wallet which will then be converted into local currency. Ripple makes it a simple and easy process without bothering about the Ripple price in India.
The RippleNet is so efficient that the transaction will be settled in four seconds with a very nominal transaction rate. This network has the capability of handling 1500 transactions/second consistently. If the clients wish, they can buy and store XRPs in a personal wallet for exchange. A private wallet is recommended for security purposes.
Global Acceptability of Ripple
None other than Ripple has proven commercial distribution in the field of blockchain payment providers. The RippleNet has the following financial institutions lined up with them for reduced transaction time and cost on global transactions. They are SBI Remit, YES Bank, Axix Bank, Akbank, SEB, Cambridge Global Payments, MUFG, Star One Credit Union, BBVA, and eZforex.com tied up with ripple to improve customer satisfaction and reduce the cost and time of real-time cross border transactions.
Ripple is the strong player in the crypto-world for its financial backup and splendid investors. Now that we have learned much about Ripple, we must think in terms of investing in XRP for quick and cost-effective global transactions.
[su_note] KuberVerse is an educational initiative. Anything expressed here directly or indirectly is not investment advice. And we ask you to do your own research before investing. [/su_note]
Want to track Ripple prices live? Here’s our price ticker.
Disclaimer : Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The information provided in this post is not to be considered as investment/financial advice from CoinSwitch. Any action taken upon the information shall be at user's own risk.
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