Traditional Banks Used By Ripple In Order To Aid It's Infrastructure
The global settlement system currency exchange and remittance network that is Ripple is based on an open source protocol which supports tokens standing as fiat, business commodities and cryptocurrency.
The company is at the forefront of using the blockchain to enhance the cross-border payment processing and transfer of commodities in a seamless condition.
As the worldwide leader in the enterprise blockchain, Ripple has a network of financial institutions and corporations which utilise its infrastructure. Many customers across the world have Ripple products in their sights such as xRapid, xVia and xCurrent.
The aim for Ripple is to provide the best infrastructure or a uniform payment system. With this, banks and other businesses will be able to provide quicker and easier the experiences of payment as they relate with the outside world.
Infrastructures at Ripple were designed in a such a way that they can be used by banks and other institutions with intermediaries. The digital payment processing system also uses its digital asset called XRP (you may have heard of it). Payment processors such as banks and other businesses can use the system at Ripple without revealing Ripple to their clients.
âRipple Gateways * Banks, card issuers, payment processors and remittance services may use Rippleâs infrastructure behind the scenes without exposing Ripple to their customers. Integrated businesses enable all of their customers to transparently send or receive payments Â½â
Ripple infrastructures are developed for payment processing and other transactions to be quicker and cheaper which makes it a better crypto option for those involved with bigger transactions like financial intuitions.
The company name is often used in place of the third biggest digital currency XRP, but it is actually just the name of the firm, Ripple Labs which owns around 60 billion of XRP and 55 billion of that are in an escrow account.
As said by ZyCrypto:
Ripple blockchain technology is different because the currency is not mineable while other currencies like bitcoin are mined.
One can say that Ripple might have much control over their platform and decentralized infrastructure which they designed to suit what they are focused to achieve.
RippleNet offers programs or infrastructures used by financial business too which includes a payment processing system for traditional banks known as xRapid and xCurrent which allows institutions to reduce the cost of liquidity whilst using XRP to hold the gap between fiat currency to another.
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