- 08 Jul, 2018
A five-year-old San Francisco-based start-up owns the third-largest cryptocurrency, the Ripple (XRP). This cryptocurrency registered 4000% growth handling over $11 billion worth XRP transactions. Ripple (XRP) cryptocurrency is listed on around 30 exchanges. Ripple ranks just after bitcoin and Ethereum with market capitalization of over 7.5 billion. The cryptocurrency is centralized and owned by Ripple Inc, as opposed to decentralized bitcoin and ether. Ripple (XRP) cryptocurrency is expected to complement the use of other cryptocurrencies including bitcoins.
Ripple (XRP) cryptocurrency is the fastest and most scalable digital asset enabling real-time global payments. It handles up to 1500 transactions per second with great ease against bitcoin blockchain which processes around 32 transactions per second. Ripple (XRP) cryptocurrency is increasingly accepted by financial institutions due to its versatility and adaptability. It has potential to connect global networks without amending existing systems. It allows financial institutions to exercise control over their transactions by reducing financial settlement cost up to 60 percent.
Global Expansion strategy
Ripple has wide applications in banking and enterprise transactions. It has recently partnered with leading financial institutions from the U.S., U.K., Japan, India and United Arab Emirates. Ripple is used by some of the world’s largest banks such as Axis Bank, YES BANK, State Bank of India (SBI Remit), BBVA, SEB, MUFG, Akbank, Cambridge Global Payments, Star One Credit Union and eZforex.com
Ripple team have aggressive expansion plans in Asia. India is one of the world’s leading remittance recipients, one of the best markets for ripple’s blockchain-inspired fintech solutions. The team has partnered with digital currency exchange BTCXIndia and is in dialogue with National Payments Corporation of India (NCPI) to facilitate global payments.
Exciting future developments
Ripple team plans to partner with digital asset exchanges and payment service providers to expand globally. Future development plans seem to excite the fintech community. Analysts predict that Ripple has a bright future and there is a long way to go, with this just the beginning.