#TrumpBTCTreasury Ripple, launched in 2012, is a real-time gross settlement, currency exchange, and remittance system developed by Ripple Labs Inc. The system is built on a distributed open protocol and supports tokens representing fiat money, cryptocurrency, exchange commodities, or other objects such as miles of frequent flyers or mobile minutes. An internal cryptocurrency known as XRP is used in the ledger.

As for its application, XRP has far-reaching plans. The aim is to simplify cross-border money transfers between banks and other financial organizations. RippleNet plays an integral role here, as it is the only tool capable of processing XRP transactions.

Despite some banks' hesitance to use RippleNet as a replacement for outdated SWIFT, several financial institutions have trusted the new technology. Companies such as Santander, Western Union, and UniCredit are already collaborating with Ripple Labs and testing its functionality.