Ripple was born back in 2004 when Ryan Fugger designed the first prototype sketch of a decentralized payment system dubbed RipplePay. The payment system was later introduced to the world in 2005, with one objective: offering reliable payment solutions within a global network.
In 2012, Jed McCaleb and Chris Larsen took over RipplePay and rebranded it to OpenCoin. From there henceforth, the firm focused its attention on building a protocol to facilitate payments for banks and major financial institutions. However, the company decided to settle on its former and current name, Ripple.
XRP is attractive to financial institutions such as banks, which are Ripples biggest clients. Banks move huge sums of money all over the world and that is where XRP comes in; moving huge amounts fast and at an extremely low cost. Ripples goal is to disrupt the entire cross-border payments industry.
Ripple aims to substitute SWIFT, which is todays standard for international wire transfers. SWIFT is both slow and charges high fees. Financial institutions have been embracing Ripples xRapid that uses XRP tokens to move money globally bullet fast and at a low cost.
Additionally, Ripple may substitute the conventional international transfer firms such as MoneyGram and Western Union. Ripple recently purchased a stake in MoneyGram triggering its stock to rise massively.
- Ripple and XRP functions- a payment protocol tailored to move value across borders securely, fast, and transparently. Ripples primary targets are financial institutions and payment networks.
- XRP has successfully sustained its position among the top five elite digital currencies for years now. This is not a simple challenge given the rivalry in a world with thousands of different cryptocurrencies.
- Ripple and Ripple Labs are increasing their efforts in adding more banks as the company gradually progresses towards its set targets. Unfortunately, this is not a guarantee that Ripples price will rise.
- Alongside Bitcoin and Ethereum, Ripple remains among the most thrilling cryptocurrencies in the market.
- However, Ripples aim for ...