Did you know that this cryptocurrency is backed by Google? I did not until I did some further researching prior to investing into the coin. In a nutshell, Ripple is a B2B cryptocurrency that allows financial institutions to exchange money quicker and cheaper. The main functions are the following:
- Real-time gross settlement system
- Currency exchange and remittance network
- Liquidity in cross-border transactions with near instant transaction time
However, it is not considered a decentralized digital currency and has caused many doubt’s over its long-term feasibility. Especially when attempting to picture a future where all assets are exchanged through decentralized means. We would all be smoking a pipe dream if we thought Central Banks will be going away and mass adoption by them will signal the path of Ripple. Currently, Ripple has the 3rd highest market capitalization just behind Bitcoin and Ethereum.