What is Ripple (XRP)?
Ripple is a technology company that provides faster, more transparent, and more cost effective crypto-enabled solutions for businesses. Ripple uses an open-source digital asset called XRP to provide client solutions in the financial services space.
With the use of blockchain technology, Ripple allows institutions, businesses, and governments to move, manage and tokenize value.
Ripple’s innovative technology is powered by it’s utility token XRP. XRP is open-source, permissionless, and decentralized cryptocurrency with the capability of settling transactions in less than 5 seconds.
Some of the benefits of using XRP include fast transaction settlements, low transaction costs of less than .0002 per transaction on average, and it’s scalability, being able to handle 1,500 transactions per second. Being faster, less expensive, and more scalable than other digital assets makes XRP ideal for global payments.
XRP runs on the decentralized XRP Ledger (XRPL) public blockchain. XRPL provides a eco-friendly infrastructure for blockchain applications, development, and innovations. Anyone can connect to the P2P network to access the ledger tools, services, and other resources.
XRP allows for instant cross-border payment settlements, providing institutions with the ability to bridge currencies and ensure transactions are completed in 3-5 seconds. XRP also enables global remittances, SME payments, disbursements, and faster treasury flows for organizations and their customers.
RippleNet is a network of financial institutions that can send money globally, instantly, and reliably at a low cost with the use of Ripple’s blockchain and APIs. Being a part of RippleNet reduces operational overhead for institutions, and solves the issues of speed & certainty, liquidity management, and transparency when it comes to global payments.
With on-demand liquidity, RippleNet users can leverage XRP to bridge two currencies in seconds, ensuring transactions are in local currencies on both the send and receive sides. RippleNet provides an alternative to holding pre-funded accounts in destination currencies.
Liquidity Hub is a liquidity and global payout platform that allows enterprises to access optimized crypto liquidity and a payout rail network to power crypto payments, crypto treasury operations, and other solutions. Liquidity Hub connects enterprises to a set of liquidity venues to get optimized pricing using aggregated liquidity pools.
Ripple is the first member of the ISO20022 Standards Body that focused on Distributed Ledger Technology (DLT). ISO20022 is the new global data standard for modern payments.
CBDC’s (Central Bank Digital Currencies) – A private version of the XRP Ledger can be used by Central Banks to securely issue and manage digital currencies. The Ripple platform allows for minting, managing, transacting, and destroying CBDCs.
Website: https://ripple.com/
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