XRP is the native currency for XRP Ledger, facilitating currency transfer transactions across the network. With its swift block times, the primary goal of XRP is to provide a high-volume transaction rate, with the ability to process up to 1500 transactions per second with a settlement time of 4 seconds.
The main application of XRP lies in its role as a transitional currency for financial institutions. This function enables the seamless exchange of value between various global fiat currencies using Ripple’s xRapid solution, an on-demand liquidity service.
In 2004, Ryan Fugger founded RipplePay, a fintech company aiming to create a peer-to-peer payments network. In 2011, a team led by Jed McCaleb began the development of a new consensus network for digital currencies that would ultimately become the XRP Ledger. Fugger later handed over the project to McCaleb and Chris Larsen, and in September 2012 they founded Opencoin (re-branded to Ripple Labs in 2013 before shortening it Ripple in 2015).
Ripple, a company that builds global payment systems introduced XRP, the native token on the Ripple Consensus Ledger in 2013.
How does it work?
XRP principally serves as a gateway currency that secures Ripple’s xRapid, a solution that offers on-demand liquidity. xRapid allows financial institutions to transfer value between various fiat currencies by utilizing a network of digital asset exchanges. These exchanges employ XRP as a bridge currency, thereby ensuring liquidity.
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