Blockchain-based Ripple has uncovered the outcome of the initial pilot test with the XRP cryptocurrency created by its founders.
The third most valuable cryptocurrency by market capitalization, $31.4 Billion, XRP is part of a larger effort within the venture capital-backed startup that managed to grab $93 Million from Santander, Accenture, and CME Ventures, for liberate inactive capital stored in accounts all around the world.
Instead of slow and cumbersome process of saving money on the international accounts, Ripple expects users to move the value with the XRP cryptocurrency and software that releases the capital for other uses.
However, despite the relatively high valuation of cryptocurrency along with some uniformly vital business with American Express and others who use services unrelated to cryptocurrency, the real value of XRP is ardently debated for the banking industry.
While the potential for large-scale deployment of XRP is far from certain, the concrete evidence to date is that XRP Cryptocurrency may have larger applications than just buying low and selling at high.
“The transaction times were competitive, and exchange rates were incredible,” said director of FX Mercury, Alistair Konstanz, who was involved in one of the beta test. “It was swift compared to the use of correspondent network, Swift interbank messaging platform, which connects more than 11,000 financial institutions at present.
Constance confirmed figures expressed in a statement released this morning by Ripple that the cost compared to other forex providers by 40% to 70% dropped and the average payment time of two minutes compared to two or three days in cross-border Payments typically
The portion of the transfer that was depended solely on the Ripple XRP Ledger took an average of 2–3 Seconds, depending on the account statement, and the remainder of the processing time occurred at time of exchanging digital assets for origin, local payment rails and receipt.
Ripple being dominating entity in the cryptocurrency market has also partnered with some global finance players in Q2 of 2018. These players comprise Woori Bank, Fleetcor, SBI holdings, and many others.