Cryptocurrencies have become a hot topic since the crypto market boomed in 2017. Only a few people knew about other coins back then apart from Bitcoin. The trend has fast changed since this year began with close to 1800 cryptocurrencies right now. Ripple (XRP) seems to be making significant milestones within this arena although debates on its centralized nature still continue. The XRP coin is 3rd in market capitalization and has been relatively stable given the volatile nature of digital currencies. Much of its success can be attributed to its infrastructure that has gained popularity with the financial services sector especially within money transfer.
Statistics from the World Bank indicate that remmitances in developing countries have been on a high growth rate in the past decade. Ripple offers a cheap solution for this type of transactions making it a favorable partner for companies like MoneyGram & Western Union. The XRP technology has been adopted in a number of continents including Europe that has a good number of immigrants sending remmitances home. The altcoin which has now been in existence for over four years is also a good investment having gained over 12,000%, this is highly unusual for any class of asset. For a coin that is trading below the $5 mark, Ripple could be among the undervalued coins making it a like 2018 top gainer.
Ripple (XRP) has pioneered a couple of projects that have excited its target market as well as the crypto community. Products released in 2018 include xRapid, xCurrent and xVia, all of which improve the efficiency within XRP’s blockchain network. The xRapid technology was recently piloted and successful money transfers from the USA to Mexico were executed. It will use the XRP tokens for exchange operations within the platform and remittances stand to most the benefit from the project.
Results have revealed that this technology will greatly reduce the costs associated with international payments. Liquidity issues will be addressed by using the XRP token as an intermediary hence transactions could take as little as 3 minutes to be completed. Financial institutions stand to benefit the most in fulfilling their roles as intermediaries for payments or money transfers if this technology is a success.
xCurrent Coinone integration
Partnerships have become success pillars in the crypto arena. Ripple seems to be ahead in this game having ventured into the Asian market recently. Coinone, a korean leading coin exchange has secured a partnership deal with Ripple that will allow them to use the RippleNet technology. The exchange will use xCurrent to launch global remittance services “Cross”.
Coinone is a prospectus coin exchange with over $97 million traded daily while users within the platform are well over 600,000. Also, coin enjoys the leverage of belonging to DAYLI, a financial group that has been very significant to Ripple (XRP) in venturing into the Asian market. This partnership will allow Coinone to use xCurrent in moving a scalable sum of money across continents at a low cost within a few minutes. With remittances increasing by the day this partnership might go a long way to increase convenience for families abroad sending money to their keen in developing economies.