XRP is the cryptocurrency created by Ripple Labs, specifically designed to facilitate international transactions quickly and at very low costs. Unlike Bitcoin, which is mined through a decentralized validation process, XRP was pre-created, which has sparked debates regarding its level of decentralization. Its network is optimized for settling cross-border payments in a matter of seconds, making it an attractive tool for banks and other financial institutions seeking efficiency in their operations.
Key aspects of XRP:
Speed and efficiency: Transactions and
Reduced cost: Thanks to its design, l
Pre-mined model: The entire supply of XRP was created in advance, leading to discussions about its distribution
Institutional adoption: Ripple Labs has established relationships with several financial institutions around the world, which has driven the use of XRP in settling global payments.
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