In its latest blog, Ripple shares how banks and Financial institutions get to realize the Internet of Value though RippleNet. Meanwhile, XRP is constantly gaining traction when it comes to price, listing and as a base currency.
Realizing the internet of value through RippleNet
Ripple is not slowing down let alone stopping. In its latest blog, the company shares the effect of RippleNet as it states in today’s fast-paced world conditioned by smartphone and apps, money and financial service providers need to move just as fast.
Today’s payments infrastructure leads to expensive and delayed transactions, which is in contradiction to the Internet of Value expected by the customers. This is where RippleNet comes into the picture which
“creates a modern payments experience operating on standardized rules and processes for real-time settlement, more affordable costs, and end-to-end transaction visibility.”
In order to power up the Internet of Value, RippleNet brings together a robust ecosystem of players. Now, this network is made up of banks and payment providers to source liquidity and process payments and FinTechs and corporates that send payments.
RippleNet helps its network members by offering them a single point of access to
“a standardized, decentralized infrastructure for consistency across all global connections” and certainty as “atomic pass-fail processing ensures greater certainty in delivery, and its bi-directional messaging capability provides unprecedented end-to-end transaction visibility for fees, delivery time and status.”
Ripple also offers speed by reducing the transaction times from days to mere seconds as RippleNet’s pathfinding capabilities cut through the clutter by identifying optimal routes for transactions that then settle instantly.” Moreover, savings are achieved as “existing payment networks have high processing and liquidity provisioning costs that result in fees as high as $25 or $35 per transaction.” Furthermore, use of XRP for on-demand liquidity eliminates the need for expensive Nostro accounts altogether.
Ripple concludes with,
“With RippleNet, banks and payment providers can realize the promise of the Internet of Value, meeting customer expectations for a modern, seamless global payments experience while lowering costs and opening new lines of revenue.”
XRP gaining traction: Price, listing & base currency
Meanwhile, XRP is making headway not only in terms of price but also liquidity. To start with, for the past few days, XRP price has taken a substantial surge going from $0.2735 to about $0.70 as you can see in the chart below. The world’s third largest cryptocurrency even briefly took the 2nd spot from Ethereum.
When it comes to liquidity, as part of its expansion plan in about 69 countries, CoinField exchange is also considering adding XRP as the base currency for 30 of its crypto pairs.
We’ve been evaluating the possibility of adding #XRP as base currency for 30 direct crypto pairs along with USD, CAD, EUR, GBP, JPY & AED. Part of our expansion plan in 69 countries.@Ripple @Ripple_XRP1 @xrp_news @XRPtheone @XRPstreetTEAM @KingRippleXRP @XrpCenter @tsuki_ryokou pic.twitter.com/BYHlT4Gsag
— CoinField Exchange (@coinfieldEX) September 21, 2018
Also, digital asset exchange, OKCoin is adding 5 new cryptocurrencies including XRP on its platform. The licensed exchange is basically adding five new fiat-to-crypto and token-to-token trading pairs while stating:
“As we build out the broadest set of financial products on a globally regulated exchange, we are committed to expanding the trading pairs for our customers, while bringing tokens to the exchange that offer utility, value and demonstrable use cases.”
“An independent, decentralized digital asset, XRP settles payments in 3-4 seconds and can scale to handle 50,000 transactions per second, which makes it the best digital asset for cross-border payments. Ripple, an enterprise blockchain company, uses XRP in one of their products – xRapid – to help banks and payment providers source liquidity on demand,”
further states the exchange.
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Passionate about Blockchain and has been researching and writing about the Blockchain technology for over a year now. Also holds expertise in digital marketing. follow me on twitter at @sagar2803 or reach out to him at sagar[at]coingape.com