Ripple is causing a stir among cryptocurrency traders as a rising star in the market.
Many believe XRP Ripple is destined for a great future – the digital currency already holds the third place behind Bitcoin and Ethereum as the largest by market capitalisation.
Among the supporters of the digital currency is Nigel Green, CEO of one of the world’s leading financial organisations for expats – deVere Group.
Green is at the forefront of cryptocurrency after developing deVere Crypto, an electronic wallet and trading app.
He is so confident that XRP Ripple is on the way to a breakthrough that his firm is offering 15 free XRP coins to anyone who downloads the app and trades $50 in June 2018.
“As a financial services company we believe that it is important for us to stay on top of developments in cryptocurrency,” said Green.
“We produce the deVere Crypto app which allows our clients to trade. The app has several coins that we believe will do well, but particularly Ripple.
“If you’ve not heard about Ripple, then certainly we can help you with some information. Let me tell you there are 100 banks around the world, including Santander and the Bank of America that are using Ripple.”
XRP Ripple was created in 2012 and has been quickly taken up by several big-name financial organisations as a blockchain platform.
Ripple is the firm behind the blockchain technology, while XRP is the coin label. In simple terms, payments are transacted in XRP on the Ripple blockchain network.
XRP coins are traded on public exchanges, like Bitcoin and Ethereum, but Ripple has a technological advantage.
The difference between the revolves around the solution to ‘double spend’ – the way transactions are recorded on the blockchain to avoid fraud.
Bitcoin and Ethereum take a similar approach with a proof of work algorithm, while Ripple has a trust system.
The result is Ripple can throughput more transactions much faster than Bitcoin and Ethereum – which is the key to why financial companies are so interested in partnering the digital network.
XRP Ripple is trading at the time of writing at $0.67 with a market cap of $25.69 billion.