As a bridge currency: How does it work?
Imagine a company in Yemen wanting to send money to a supplier in Japan. Traditionally, this process might involve several banks and SWIFT, making it slow and expensive. This is where $XRP comes in as a 'bridge currency':
* Converting local currency to $XRP : The Yemeni company converts Yemeni rials to XRP.
* Sending XRP via the XRP Ledger: XRP is sent very quickly (within seconds) over the decentralized XRP Ledger network to Japan.
* Converting XRP to local currency: The Japanese supplier converts $XRP received into Japanese yen.
This process is much faster and less expensive than traditional methods, especially for large amounts.
