XRP Cryptocurrency in Singapore: Should I buy? Tips & Advices

Ripple is a company behind the popular cryptocurrency XRP. It also works as a digital payment network for financial transactions. Ripple provides one of the most capable solutions to send money worldwide using the power of blockchain technology.

Today, Ripple is one of the largest enterprise blockchain organizations with products in commercial use. The company’s global payments network, RippleNet, includes more than 300 financial institutions across 40 countries and six continents. Moreover, the organization also works with regulators, central banks, and governments to develop the way the world moves money.

A) History and features of XRP cryptocurrency

Headquartered in San Francisco, United States, Ripple was founded in the year 2012 by Arthur Britto, Chris Larsen, and Ryan Fugger. XRP is the digital currency mainly built for payments. It is the native virtual currency on the XRP Ledger, which is an open-source, decentralized blockchain technology that can settle transactions within few seconds. Moreover, XRP can be traded directly without needing any central intermediary, making it a more suitable instrument in connecting two different currencies quickly and efficiently.

Ripple also offers FX Market Making, a feature that enables enterprises to get access to cross-currency liquidity through a spread-out network allowing the foreign exchange to be externally sourced from a competitive FX marketplace or an internal FX trading desk.

XRP’s eight-year track record of governance and stable technology also makes it ready for institutional and enterprise use. In addition, the eco-friendly XRP Ledger helps to settle XRP transactions instantly without any energy costs associated with proof of work (or mining).

B) How you can benefit from using XRP in your daily life?

XRP is quicker, cheaper, and more scalable than any other digital asset and can be used for settling payments, asset exchanges, and remittance systems that work more like SWIFT, a service for global money and security transfers utilized by a network of banks and financial intermediaries.

XRP can assist in making transactions faster as there is no mining involved in the transaction process. The payments moving across the XRP Ledger can settle just in 4 seconds. Moreover, XRP consistently handles 1,500 transactions per second round the clock and can scale to handle the same throughput as Visa.