Originally founded in 2012, Ripple developed its own digital currency called XRP, which is now one of the oldest cryptocurrencies within the crypto space.
It has managed to become the world’s third cryptocurrency after bitcoin and ethereum (as of October 2018), sometimes even replacing ethereum as the second most valuable coin.
In a latest interview with CNBC on Tuesday, Brad Garlinghouse, the CEO of Ripple,said that the future of Ripple is bright as many banks will be using the XRPledger by the end of 2019. The XRP ledger is an open-source codebase that can perform over 1,500 transactions in every second. It requires the XRP coin.
The company is working endlessly to provide liquidity solutions for financial institutions allowing them to make cross-border payments in a faster, transparent, and cost-effective way compared to traditional methods. The xRapidproject is one of the proposed solutions. This system was developed for institutions that are reaching out to emerging markets. It enhances cheaper,and, faster transactions.
The system filters third party collections for the most competitive options. After the money is converted to XRP, it will be converted into any currency required from the receiving end.
The system depends on scalability and speed so transactions are completed within minutes nationally while cross border transactions may require 2 to 3 days for large remittance.
Do you think Ripple has the capabilities of becoming number one cryptocurrency?
Share your views with us in the comment box.