The digital currency known as Ripple has far beat expectations of those looking to invest in the future of cryptocurrency and continues to do so. Those behind the currency have been partnering with some of the largest tech institutions in the world to help make a cryptocurrency that will be future proof and effective at solving many of the issues that we currently face with cryptocurrency.
The cryptocurrency has many backers that state that this new technology will become a breakthrough for the cryptocurrency world, and continue to reinvent the world of crypto. The CEO of digital asset exchange ShapeShift Erik Voorhees, stated that “the reason ripple is surging so much is it’s a bubble. Testing crypto with banks doesn’t make sense. The whole idea of crypto is you don’t need banks.” He continued to state that “it’s not interesting from a financial innovation perspective.”
Ripple is the name of the company that has been a startup for almost five years now, based out of San Francisco. The coin that the company has made is known as XRP, which consumers can use for transactions. Late in October, the company stated that several large financial institutions have been working on how they can use the technology. Those institutions include Bank of Tokyo, Mizhuho, Credit Agricole, and Nordic bank SEB. The coin has made a lot of progress for those looking to use it in the past few months.
Michael Graha, an analyst at Canaccord Genuity stated that “definitely the ripple ecosystem is definitely going to get a lot bigger to justify where XRP is right now. But clearly, the use case for XRIP is quite clear. That sets it apart from other crypto assets. The hopes are high that this new world of crypto will continue to progress the world economy into the future.