XRP
Ripple (XRP) is a cryptocurrency and a digital payment network for financial transactions. It was created in 2012 by Ripple Labs Inc., a US-based technology company. Ripple is built upon a distributed open source protocol and supports tokens representing fiat currency, cryptocurrency, commodities, or other units of value such as frequent flier miles or mobile minutes. Ripple purports to enable “secure, instantly and nearly free global financial transactions of any size with no chargebacks.”
Ripple operates using a shared public database, which allows for the transfer of money in any currency to anyone in the world in just a few seconds. Transactions on the Ripple network are validated by a network of independent servers and recorded in a public, decentralized ledger called the XRP Ledger.
Ripple is intended to be used by banks and financial institutions as a means of facilitating cross-border payments and reducing the cost and complexity of such transactions. However, it is also available to individual investors and can be bought and sold on cryptocurrency exchanges.
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