We’re working non-stop to add support for the best cryptocurrencies in the market. Today, we’re excited to announce that Ripple (XRP) is now supported on the Crypterium Wallet.
From now on, you’ll no longer need to register on multiple platforms that support XRP. You can do it all from the Crypterium Wallet — store, send, exchange, purchase and even withdraw.
The Best Ripple Wallet
The Crypterium Wallet is the best ripple wallet for a reason: it allows you to do so much more than just storing XRP. With just one app, you can do all these things:
Avoid the hefty fees charged by banks and remittance companies. Send money internationally using Ripple in the Crypterium Wallet. All you need is the recipient’s phone number. Your money transfer is always commission-free and instant.
Receiving payments in Ripple is simple. You can check your Ripple address and tag by clicking on “Top Up” and selecting XRP among your balances. Copy the address or scan the QR code. Keep in mind that XRP wallet addresses come along with a destination tag. If you plan to receive XRP, make sure you provide all details to the sender to avoid transaction failures or delays.
Exchange XRP for Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC) or USD Coin (USDC) without leaving the Crypterium Wallet. Go to “Exchange” and exchange XRP instantly and with the low commissions. Our AI-based matching engine Crypterium SX always gives you the best exchange rate for your transaction.
If you’re wondering how to buy Ripple with your credit card, then you’ve come to the right place. With the Crypterium Wallet, you can buy XRP with debit card or credit card in seconds with the best rates in the market. Oh, and the commission is the lowest out there.
Cash Out Ripple
Cashing out XRP is easy and fast with the Crypterium Wallet. You can cash out Ripple straight to your bank card with only a few taps. To turn Ripple into USD or any other currency, simply click on “Cash Out”.
The Crypterium Card is the first global cryptocurrency card. As a XRP holder, you would be able to eventually top it up with your XRP balance and spend anywhere in the world with unprecedented limits.
Everything You Need To Know About Ripple (XRP)
What Is Ripple?
Ripple is a settlement and payment network built by US-based Ripple Labs Inc.. XRP, which is currently the third most valuable cryptocurrency by market capitalization, stands for both the name a protocol and the native currency of it.
Ripple has an interesting history, one that even precedes Bitcoin. It has been dabbled in its fair share of controversy, and maybe with some good reasons.
This fintech startup is doing a great job by using distributed ledger technology to improve cross border payments and remittances.
Unpacking Ripple And Its Components
The Ripple network is an open-source network created to facilitate cheap and fast transactions without relying on third-party intermediaries such as banks.
Unlike Bitcoin which was never meant to be a simple transactional currency due to its scalability woes, Ripple was developed to rule international worldwide transactions.
The best way to understand Ripple is by first getting a good grasp of the problem that it is trying to solve. According to the Ripple website, the current payment rails do not complement the modern times we live in as they were developed in the “disco era.”
The traditional financial system suffers from:
- Slowness: interbank transactions take 3–5 days to settle
- Expensive: people lose $1.6 trillion in transaction fees each year
- Unreliable: the financial system has high failure rates
The Ripple platform has its native currency (XRP) and a network of payment providers known as RippleNet.
RippleNet is a network of financial institutions and payment providers such as banks that utilize solutions developed by Ripple to provide a more efficient and cheaper way of sending money globally.
In a nutshell, RippleNet provides users with the quickest and shortest route to transfer money from one person to another.
Let’s say you want to send money from Japan to Nigeria. You deposit the money into a Japanese bank which accepts the yen. However, since there is no direct financial connection between Japan and Nigeria, your funds in JPY are first converted to a major global currency such as the US dollars.
Then, USD is sent to the recipient in Nigeria where it is converted to the local currency, Naira. There are two conversion processes involved and each step involves transaction fees.
RippleNet provides a direct route for you to send money from Japan to Nigeria (or any two countries in the world) without manually going through the USD conversion. The end result is a faster and cheaper process.
What is XRP?
XRP is the token used as a medium for sending value across the Ripple network. It acts as a bridge for both fiat and other cryptocurrencies.
It has been described as a joker, in this case, a currency that can act as any other currency. It can turn into a USD or EUR if you want it to.
It is also used for anti-spamming purposes, preventing bad actors from intentionally clogging the network by initiating millions of transactions at the same time.
History of Ripple (XRP)
The initial concept behind Ripple was conceived around 2004 by Ryan Fugger. Jed McCaleb took over from Fugger’s idea and used it to build what is known as Ripple.
McCaleb, who has worked on innovative web technologies, steered the technological aspects of the company until he had a disagreement with management on the direction to steer the company. He decided to go his separate ways after the fallout.
Ripple has partnerships with several financial institutions such as banks. Some of its investors and partners include Standard Chartered, Santander InnoVentures, Seagate Technologies, CME Group, Bitcoin Opportunity Corp, IDG Capital Partners, Vast Ventures, and more.
The company raised nearly $96 million between April 2013 and September 2016 in multiple rounds of funding.
Key Benefits Of Ripple
- Bridge Currency: several currencies in the world cannot be directly converted to each other. That’s why the USD is used in international trade. People and companies have to pay double conversion fees when exchanging these currencies. XRP creates a bridge between them and makes it easy to convert from one currency to another.
- Quick Transactions: in the traditional financial system, international transactions take between 1–3 days to settle as multiple middlemen are involved in the process. Ripple transactions settle in seconds.
- On-Demand Liquidity: international payments nowadays require businesses to keep pre-funded accounts in destination currencies, locking valuable resources. RippleNet allows customers to source the required liquidity for instant payments processed on XRP.
- Payment network
The Bottom Line
You should not see Ripple as a competitor to Bitcoin because the two digital assets are completely different, especially from a governance perspective.
The Bitcoin protocol is maintained by an independent pool of miners who receive freshly minted bitcoins as a reward for their efforts. Ripple is more of a transactional currency and has real-life use cases in the remittance industry. The more the company inks more partnerships with banks and financial institutions, the higher the value of the XRP token.