Ripple is a San Francisco based cryptocurrency company founded in 2012. Over the past few months, the company has earned a name as a payment platform. Currently, Ripple (XRP) is the third largest cryptocurrency being traded all across the world. Global transactions are completed within three seconds in Ripple’s blockchain as compared to Bitcoin where global transactions take 40 minutes to complete. The fast transactions, reliability, and scalability of its blockchain network are revolutionizing the businesses all across the world. Therefore, many banks, financial institutions, and businesses are joining this platform. Ripple (XRP) touched an all-time high value of $3.60 in the first week of January 2018.
Last week, Ripple’s director of regulatory relations Ryan Zagone attended Federal Reserve’s faster payment task force steering committee. He was representing 90 corporations. The main objective of this committee was to formulate methods to upgrade the conventional payment system. The selection of Ryan Zagone as the representative of 90 corporations showed that the businesses all over the world have full confidence in Ripple (XRP) as a payment platform to revolutionize the businesses. Earlier, global payments all over the world are made through SWIFT. The cost effectiveness, speed, and reliability of RippleNet are making it a world leader in global payments.
Most of the financial experts are hopeful that FED will back up Ripple (XRP) as a replacement for cross border remittances. This is because Ripple (XRP) is an American based payment platform. Ryan Zagone, as a representative for Ripple (XRP), preferred Ripple (XRP) over other cash alliances. Here, it is also pertinent to mention that Ripple’s CEO Brad Garlinghouse had said that Ripple (XRP) will soon be the number one cryptocurrency choice for various banks, financial institutions, and businesses. He also advocated various Ripples’ products like xRapid and xCurrent to become the ultimate choice of businesses all across the world.
A few days back Kotak Mahindra, one of the largest private banks in India, announced partnership with Ripple (XRP) for fast, reliable, and cost effective global payments. Here, it is also important to mention that more than 100 banks, financial institutions, and remittance firms are already using Ripple (XRP) for processing cross border transactions. With the passage of time, the use of Ripple (XRP) will become inevitable for developing nations. This is because inflow and outflow of money is one of the largest problems that the businesses are facing in developing countries. The advocacy of Ryan Zagone and the influence of G-20 may attract nations all over the world to adopt Ripple (XRP) as a tool for global payments.
Most of the crypto experts were already of the view that 2018 will be year of Ripple (XRP). The listing of Ripple (XRP) on various crypto exchanges and platforms all over the world seem to support this view. We can also hope that adoption of xCurrent and xRapid by various businesses will also increase the value of coin which is trading around $0.50 nowadays. Also, it may become global currency replacing all other valuable currencies like USD, GBP, and others.
This is a guest post. Opinions in the article are solely of the writer and do not reflect AdFunnel Project’s view.