We notice you’re visiting us from a region where we have a local version of Inc.com. Ripple had the second largest market cap out of any cryptocurrency at the end of 2017, and it’s currently in third place (behind Ethereum and Bitcoin), according to CoinMarketCap.
Each individual XRP token is worth $2.14, but there are a whopping 38.7 billion of them in circulation, indicating a total value of nearly $82.8 billion. On Thursday the company behind Ripple — which is also called Ripple — announced a partnership with MoneyGram, its most significant validation to date.
In other words, xRapid is a rapid, XRP-based process that is otherwise equivalent to buying Bitcoin with fiat currency, sending the money to someone in another country, and having the recipient sell the Bitcoin for their own local fiat currency. (There’s no reason why an individual couldn’t substitute XRP for Bitcoin and do the whole thing by hand, but price fluctuations would pose more of a risk.) In a phone conversation with Inc., Ripple head of product Asheesh Birla gave an example based on current Ripple client Cuallix, which facilitates cross-border money transfers (among other things).
“What Cuallix does today is they have opened a bank account (that took several months to open) in Mexico. They then hire a broker to convert their U.S. dollars into Mexican pesos, and they park that, idle, in Mexico, so that they can do local payments.”
Modern consumers expect internet-speed financial services, Birla said, and the status quo is not sufficient: “It’s time-consuming — takes a couple of days — it’s costly, and it’s not a good experience.” Birla went on to explain how Ripple does it. Read more from inc.com…
thumbnail courtesy of inc.com