/

What is XRP?

5 mins read

Digital assets that support the “Internet of Value”

XRP is a digital asset used on the international remittance platform Ripple Net, which aims to free banks from the cost of maintaining a nostro account and reduce the foreign exchange risk of remittance companies. By approving transactions by validators distributed all over the world, it has the feature that it can process 1,500 throughputs per second and complete remittance in 4 seconds. In addition, Ripple Net is being introduced by more than 200 financial institutions, and Ripple’s other SBI Group is also leading the marketing.

Since the NEM outflow incident of Coin check in January 2018, many people may have heard the word “virtual currency” in the news more often. Cryptocurrencies are often seen as a suspicious investment method due to the lack of legislation and regulations, but it is also an area where major financial institutions such as SBI Holdings and Monex Group are making full-scale entry into the cryptocurrency business.

While cryptocurrencies are not yet used in the real economy, XRP has increased its price by about 360 times in 2017, making it an attractive destination for investment with surplus funds. Although it is a virtual currency whose price tends to fluctuate greatly due to rumors and expectations, XRP is being introduced by various financial institutions and remittance companies, and it is deeply popular as a currency close to actual demand. Here, we will explain in detail XRP, which is a virtual currency that companies that are rare among major virtual currencies are aiming to develop services

 

5 features of XRP / Ripple

  • Ripple and XRP to solve the problems of overseas remittance
  • Over 200 Financial Institutions Leverage Ripple Solutions
  • Digital assets that enable the “Internet of Value”
  • Many professionals gather
  • Strong partnership with SBI Group

 

Ripple and XRP to solve the problems of overseas remittance

Traditional overseas remittances require a complex settlement and approval process between a large number of parties, resulting in inconvenience for users, such as high remittance fees and several days or more to deposit. Ripple Net is a technology that solves the problems of overseas remittance, aiming to enable low fees and immediate remittance. Among them, XRP plays the role of a bridge currency in foreign exchange, and is positioned as an entity that can optimize the exchange of minor currencies with extremely low liquidity and high fees.

 

Over 200 Financial Institutions Leverage Ripple Solutions

Ripple Net connects banks and remittance companies with enterprise products called xCurrent, xRapid, and xVia, enabling low-cost, high-speed, and reliable remittances. Ripple Net is currently serving more than 200 companies, including the leading Spanish bank Banco Santander and American Express.

 

Digital assets that enable the “Internet of Value”

The “Internet of Value” is a system that can instantly exchange all “value” assets, including financial assets, in the same way that information and data can be instantly transmitted and exchanged through the Internet regardless of location or time. It refers to. The realization of the “Internet of Value” will lead to more individuals gaining access to the financial system, and it is expected that new industries and innovation mechanisms will be born.

 

Many professionals gather

Ripple is a fin tech company that provides international money transfer solutions to realize the “Internet of Value”. The management team includes a series of fin tech entrepreneurs, award-winning economists, former managers of major financial institutions and IT companies, and former US bureaucrats. Under these members, we are energetically promoting cooperation with financial institutions around the world, and the introduction of Ripple Net and XRP is steadily increasing.

 

Strong partnership with SBI Group

The SBI Group holds a 10% stake in Ripple, and Yoshitaka Kitao, President and Representative Director of the SBI Group, has been appointed as an officer of Ripple, and will establish a joint venture in collaboration with Ripple. We have various partnerships such as. The move to promote the use of block chain digital assets in Japanese and Asian financial institutions can be said to be the biggest difference from other crypto assets characterized by “decentralization”

 

CryptoWireLive

Crypto Wire Live is your favorite source for all things of Articles associated with Digital Currency. We’re dedicated to providing you the simplest of Articles, with attention on dependability and customer service

1 Comment

  1. Usernames of Emoji's Could Become New Internet Identity System - Cryptowirelive - CryptoWireLive says:

    […] What is XRP? […]

Leave a Reply

Your email address will not be published.