Every day in the financial world, around $76 billion in payments go through a large network of banks. Without this large flow of money, the whole world economy would effectively come to halt. The past six years have seen the tech company Ripple, out of SF, become one of the newest players with an opportunity to disrupt this market. The company has stated that they could effectively change this system by using blockchain in a system that they call, “the internet of value.”
Ripple has also become part of the ever-increasing cryptocurrency world, but unlike other cryptocurrencies, Ripple has a lot to offer outside of the crypto based investment world. XRP, the coin that the company released saw an astonishing growth of around 1,300 percent during the months of September to the beginning of January. This is incredible for the cryptocurrency world that is marked by a high amount of volatility. The goal of Ripple is to end up digitizing the entirety of the banking system, helping solve the issue that is cash and fiat currency. For those who don’t know, fiat currency is any currency that does not have any intrinsic value like the dollar. Banks have continued to state that they don’t have any interest in investing in cryptocurrency or a platform that would sustain that, but this seems to be changing.
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The founder of a startup known as ConsenSys, that develops applications based on the Ethereum blockchain, stated that “it’s bewildering. Effectively it’s a totally useless token except that it is being used by that company to make a lot of money to fund some of their activities.” The hopes are high that this new system of cryptocurrency can continue to show the larger economy how well it works in our digital age.