Ripple is a blockchain-based digital currency created to support quick, safe, and affordable international trade. Its special application as a bridge currency and alliances with significant financial institutions have fueled its rising market capitalisation and adoption. XRP was created to make international transactions quick, safe, and affordable.
The Origins of Ripple: Chris Larsen and Jed McCaleb founded Ripple in 2012 with the intention of developing a decentralised payment technology that could compete with established financial systems. Ripple was developed to be a real-time gross settlement system, currency exchange, and remittance network, in contrast to other cryptocurrencies that were intended to be used as a store of value or a means of exchange.
The main application for ripple is to make international transactions easier. This is accomplished by using its own native cryptocurrency, XRP, which serves as a medium of exchange between two separate currencies. This enables quick and affordable transactions, even when moving money across borders and using multiple fiat currencies. Ripple has partnerships with major banks and financial organisations all around the world in addition to cross-border payments. Due to this, RippleNet, a network of banks and financial organisations using Ripple's technology to enable cross-border payments, was created.
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