Ripple’s token XRP is gaining much attention and more favorable user experience. Its performance has been rated higher than other cryptos in terms of funds movement.
Ripple’s technology enables huge cross-border and cross-currency transactions with blockchain technology. It allows quicker settlement of huge transactions at a minimal cost. And this can be made possible through the use of a digital asset called XRP.
Millions of funds can be transferred in a jiffy, as little as 2 seconds at as little as 30 cents exchange cost. But this is not a stand-alone function, of XRP, it mostly works with other blockchain powered products introduced by its owners.
This blockchain powered product enables banks to do settlement in fiat and also in real-time. It can be achieved within the shortest time at the cheapest cost. The rate is only 6% but its air rate is very high, it functions when two banks that already have fiat are working together.
xRapid uses XRP to fund real-time liquidity by extracting funds from different banks and corporate bodies all over the world to harmonize the global financial ecosystem.
This was first launched in the beta last year as Q3, was piloted as Q4 and later announced in Q1. These operate in the same platform as Western Union and Moneygram.
These financial products enable XRP to move money quicker, easier and cheaper. Users all over the globe are thrilled by this experience.
One of Ripple service platform users Micheal Arrington shared his experience on Twitter, on moving money from one account to another using XRP.
“We moved $50 million dollars worth of XRP into our company in 2 seconds and it cost 30 cents. There is no way to do that with fiat or Bitcoin.”
He went further to say in a video that Ripple is a genuine company that doesn’t say what they are not. It was possible for them to move funds instantly at a cheaper rate, which cannot be achieved via fiat or bitcoin.
Other users also tweeted to concur to what Arrington has said.
Another user also told Fortune, that a payment that would normally take 3 to 4 days at the cost of $40 to $70 dollars in fiat will take just two minutes using xRapid, “MecuryFX, at zero cost.
Ripple’s set of financial products, powered by blockchain is also gaining more acceptance by banks.
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