XRP is a cryptocurrency intended for currency exchange and international payments. A platform called RippleNet, built on the XRP token, has had more than 300 financial institutions working together with this platform and in at least 45 countries worldwide. RippleNet is a decentralized worldwide network of banks and payment providers that use Ripple’s technology for messaging, clearing, and final transaction settlement. 

RippleNet products which includes: (1) xCurrent is a software which was designed to be installed within a bank’s infrastructure to process real-time cross-border payments); (2) xRapid offers on-demand liquidity to financial institutions, reducing their liquidity costs and enhancing their customer experience; and (3) xVia allows banks and other corporations to send global payments across various networks using one standard interface. It has convinced over a 100 global financial institutions to join RippleNet. Banks such as Santander Bank, Canadian Imperial Bank of Commerce, and Kotak Mahindra Bank, have decided to join RippleNet to process cross-border payments in real-time with end-to-end tracking and certainty.

XRP transactions, unlike Bitcoin, which often requires extended periods of time to complete a transaction, are settled in seconds. This is because XRP does not utilize the proof-of-work (PoW) algorithm used by other cryptocurrencies like Bitcoin and Ethereum for validating payments. Rather than using PoW transaction verification like other cryptocurrencies, XRP transactions are verified using a unique consensus protocol in which validators compare potential transactions to the most recent version of the XRP Ledger. 

Ledger adds only transactions accepted as legitimate by a majority of validators. This consensus mechanism functions via a group of bank-owned servers. Furthermore, Ripple’s consensus protocol for verification makes XRP transactions much more energy-efficient, faster and cheaper than the transactions of other cryptocurrencies. XRP can also be used as a bridge currency for foreign exchange trading. This will reduce costs by holding XRP instead of various global fiat currencies.

Majority of blockchain-based crypto currencies requires “mining” as a means of distributed transaction verification. Mining typically provides security for the blockchain and introduces new currency into the market by paying verifiers for their work. On the other hand, XRP does not utilize XRP. Instead, there are 100 billion XRP tokens that already exist and are periodically released to the public. The XRP Ledger, which has possibly the world’s oldest decentralized exchange, allows users to buy and sell tokens for XRP or other tokens with minimal fees charged to the network itself.

Check out the list of some of the banks around the world that have joined RippleNet and are utilizing XRP as one of its mode of transactions:

1. Airwallex (Australia)
2. BeeTech (Brazil)
3. Canadian Imperial Bank of Commerce (Canada)
4. Currencies Direct (U.K.)
5. IFX (U.K.)
6. IndusInd (India)
7. InstaReM (Singapore)
8. Itaú Unibanco (Brazil)
9. Kotak Mahindra Bank (India)
10. Krungsri (Thailand)
11. LianLian (China)
12. RAKBANK (U.A.E.)
13. Santander (USA)
14. SBI Remit (Japan)
15. SEB (Sweden)
16. Siam Commercial Bank (Thailand)
17. TransferGo (U.K.)
18. Zip Remit (Canada)