“Ripple XRP the Best Digital Asset for Global Payments”
Ripple XRP was first released by Chris Larsen, Jed McCaleb and Arthur Brittoin 2012, enabling banks, payment providers, digital asset exchanges and corporates to send money globally using advanced blockchain technology.
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|Founding Members||Arthur Britton, Chris Larsen, Ryan Fugger|
|Circulation Supply||44,112,853,111 XRP|
|Total Supply||99,990,976,125 XRP|
What is Ripple XRP?
XRP is a digital asset that facilitates the global payments ecosystem using the Ripple network, intending to create an open-source, permissionless blockchain-based platform for transferring the value in the digital world, similar to the way we transfer information over the internet.
Ripple XRP provides a faster and reliable way to the financial institutions where transactions can be settled within 3-5 seconds around the globe.
XRP can be sent globally without an intermediary, making it a convenient and reliable finance instrument for financial institutions and liquidity providers to perform global settlements.
Ripple (XRP) network is focused on developing a blockchain-based new financial ecosystem where approved participants can transfer payments faster, more securely with fewer transaction fees, and all transactions get recorded into an immutable ledger for the audit processes.
Ripple network provides various solutions to support and develop blockchain-based solutions for the current global ecosystem.
Xpring: An open-source developer platform using which developers can utilize the XRP technology to create solutions related to micropayments, e-commerce, and peer-to-peer payment services.
xCurrent: Ripple standard technology stack build on Interledger Protocol (ILP) that enables banks to settle transactions with higher efficiency, transparency, and speed.
xRapid: Ripple product for powering financial transactions and ensuring required liquidity to eliminate the need for a pre-funded nostro account when executing a cross-border payment.
What is the problem Ripple XRP trying to solve?
Global payments are costly, unreliable, and slow. Due to this business organizations have to maintain high liquidity to support timely payments of different participants in their supply chain network.
SWIFT is the widely used payment system by financial institutions for cross borders financial settlements. This system has multiple clearances and cross-checks to ensure that funds get transferred safely and securely in the recipient’s bank account. But this process is time consuming, costly and takes 3 to 5 days to settle the funds in the recipient’s bank account.
Ripple (XRP) network makes it easier for financial institutions to transfer money around the globe in a secure, timely way using blockchain technology.
Ripple’s technology and the XRP Ledger can be used by financial institutions and business organizations as an alternative for cross-currency and international payments.
Ripple network has a native cryptocurrency XRP and a protocol (ILP) making it a convenient option to transfer funds within a few seconds around the world.
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