Lots of people are increasingly interested in Ripple’s XRP and many do not know fully what Ripple’s XRP is used for so here’s what you need to know about Ripple’s XRP.
What is Ripple’s XRP?
Ripple’s XRP is a real-time gross settlement payment protocol, currency exchange and remittance network created by Ripple Labs. By financial institutions using Ripple XRP, they open themselves up to more and faster liquidity with lightning 3 second transaction speeds and cheap transfer fees.
Ripple’s main mission is to move money cheaply and quickly like how information moves across the internet. With a broader network of financial institutions with huge volume, it is very possible that Ripple can achieve this.
Which institutions use Ripple’s XRP
Ripple’s XRP with On-Demand Liquidity is currently being used by over 300 institutions in 30+ different countries world wide.
Some institutions may include but is not limited to:
- SBI Remit
- American Express
- Moneygram
- PNC
- Instarem
- Interbank
- Santander
- Catalyst Corporate Federal Credit Union
Adoption of Ripple’s XRP is growing rapidly
As you might have seen in various news outlets that Ripple’s XRP is growing rapidly among financial institutions, central banks and might even be in use with government institutions like the Federal Reserve and International Monetary Fund. These are bullish signs to hold Ripple’s XRP for the long term but it is very important to always do your own research.
