Ripple has proved to be an instrumental tool for companies functioning in the financial services industry, and is a money transfer network. The cryptocurrency that is native to the Ripple network is XRP, which has proven to be one of the most prominent cryptocurrencies to exist. XRP finds itself on the list of the top 10 cryptocurrencies with the highest market cap. It has been used by institutions across the world in order to carry out financial transactions. Several financial institutions also allow customers and clients to facilitate transactions by sending Bitcoins, which can be bought or sold here https://bitcoin-revolution.software/ as a Bitcoin trading platform. Let us understand how Ripple, and its native cryptocurrency XRP can revolutionize global payments by analyzing its offerings and how they can help overcome current technological gaps!
What does Ripple do?
Ripple was originally designed in order to replace SWIFT, which would enable users to send and confirm successful transactions across the globe. Ripple enables its users to perform exchanges between several cryptocurrencies and fiat currencies, making it convenient for its users to facilitate transactions in a variety of methods. Ripple charges a small fee in return for their services, which is pretty low, when compared to what bank charges. This proves to be advantageous for clients. There are several advantages to Ripple that make it the digital asset poised to revolutionize global payments.
Some of the advantages of Ripple
Some of the advantages of Ripple that make it an interesting global payment facilitator includes the low transaction fees, and the lightning-fast transaction speeds. Transactions over the Ripple Network require four to five seconds in order to execute transactions and charge only 0.00001 XRP for every transaction, which are significantly more favorable for clients, when compared to Banks, in every aspect. Ripple has been adopted by major financial institutions across the world, including the likes of Bank of America. This adds to the credibility of the Ripple Network. Thus, one can state that it brings advantages for clients and institutions alike, making it an increasingly popular choice!
Ripple makes it possible for its clients to avail its pay-out services in more than 40 currencies, and its on-demand liquidity provision gives it an edge over its alternatives, and its dedication to make financial transactions more seamless, and easier for the masses has allowed it to experience a 10% transactional growth on a year-to-year basis. It has been predicted by experts that the user adoption of the Ripple Network will keep growing, with increasing adoption of blockchain, and apps like PayPal, Grab and Gojek. The company has successfully amassed a customer base of 300 major institutions onboard, which testifies the potential it holds.
Ripple has two products in the market, namely xCurrent and xRapid. xCurrent is the widely accepted product that Ripple is famous for, which is a real-time platform for settlement of platforms. xCurrent allows its users to send messages to communicate, clear their bills, and facilitate transactions faster than any of its competitors in the market, such as SWIFT, which takes almost a couple days to validate transactions. This has caused a disruption in the market, as customers state that Ripple has presented just what was needed in the industry, and there is very little logic behind going for other services, while Ripple continues to provide its services faster than any other provider, that too at amazingly lower prices.
The mechanism of Ripple is such that it converts FIAT to XRP at one end, and its vice versa on the other end, which presents opportunities such as availing more savings on payments, which in turn makes it feasible for customers to carry out smaller transactions internationally. It also takes away the need of opening NOSTRO/VOSTRO accounts, which opens doors for new and small businesses to function in the international market, and compete with market giants on different forefronts. This, in addition to the fact that XRP is one of the top 10 cryptocurrencies in the market to exist, make Ripple a credible company in the international financial services industry. Thus, one can state that Ripple has a lot of potential and possible use cases, and can revolutionize global payments, as it has succeeded in getting several industry giants on board.