A guide to Ripple wallets
Ripple (XRP) is a decentralized real-time gross settlement system (RTGS), remittance network, and currency exchange. It was created as a distributed open source protocol by Ripple Labs Inc., a US-based technology firm. Ripple (XRP) was initially derived from RipplePay, back in 2004, a platform that had plans to grow into the current Ripple services, long before Bitcoin had emerged. It was rebranded and co-founded by Jed McCaleb, a prominent industry figure who later founded Stellar Lumens, another equally popular remittance platform based on blockchain technology.
Its platform supports tokens representing cryptocurrency, fiat currency, commodities and even other units of value such as frequent flier miles and mobile minutes. Although XRP is the primary asset used on the platform, Ripple coin wallet allows users to create their own tokens for transactions.
The platform aids banks in ensuring that their clients can carry out cross-border transfers without speed, high cost or currency conversion issues. Fiat currency and other commodities can be converted to XRP tokens at its current rate and then quickly converted to any other coins without the need to pay a double commission. This especially protects residents of developing countries who own smartphones but do not have access to reliable banking systems and cannot afford to pay high transaction fees.
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