For those like myself, who need this explained to me like I’m 5, here is some info. I’m still hesitant. Whatever happened to HATJ’s filings?
What is XRP? Your simple guide to Ripple’s cryptocurrency
Ripple is a real-time, cryptocurrency gross-settlement system, currency exchange and remittance network created by Ripple Labs Inc, a US-based technology company. The company then created the XRP cryptocurrency, which it describes as a “digital asset built for global payments”.
To cut a long story short, it is fair to say Ripple has its sights set on the international currency transfer market. So what is XRP coin used for?
At present, it can often be really expensive to send money around the world, with banks charging astronomical fees. To add insult to injury, banks’ outdated systems can also mean payments take several days to reach the recipient’s bank account.
The XRP coin is designed to tackle this by allowing large sums of money to be sent securely and quickly at very little cost. This offers more than just the potential to help everyday consumers – financial institutions themselves are also keen to get in on the action.
As a result, it’s telling that Ripple has already attracted an impressive list of banks and payment providers that use its network, including American Express, Bank of America, HSBC, Barclays, Royal Bank of Scotland, Santander, UniCredit and Japan’s SBI Holdings. …
Ripple is the technology company offering the infrastructure to facilitate these faster payments. The company describes the XRP coin it produces as an “independent digital asset”. Ripple says that the coin is used within its suite of products, but that it does not have control over the technology….
Rather confusingly, Ripple is not involved in physically sending money from one place to another. Instead, it allows for the transfer of the promise of payment. Confused? Let the following examples explain how it works.
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