Ripple Cryptocurrency makes a big leap

Nowadays, hundreds of cryptocurrencies emerged on the market other than Bitcoin.

We will closely look at the popular cryptocurrency Ripple that has been constantly increasing the number of users across the globe.

The last year, in the year of the crypto-explosion, Ripple became the biggest winner over other cryptocurrencies.  XRP’s challenge is to improve the market for cross border money transactions and is expected to play the important role that connects banks worldwide. XRP is a bridge currency: by holding XRP, it processes payments faster and cheaper without exchanging money and going through multiple connecters. It has a great potential utilizing in various ways.     



Why Ripple is used for many global payment services?

1.A remarkable fast transaction

Currently, SWIFT(Bank data communication systems across the globe provided by the society for Worldwide Interbank Financial Telecommunication) is used widely for international payments. Although SWIFT has had played an important role in the international finance, Ripple that enables users to transfer faster and cheaper is gaining the attention as a means of payment instead of SWIFT which takes longer and more expensive to complete transfer. 

The validators carry out the approval process of transaction by the proof of consensus in Ripple network (XRP Ledger) which is unlike Bitcoin that uses mining process. It is achieving an amazing ability that is capable of settling a payment within 4 seconds and handling 1,500 transaction every second.


2.  Low transaction cost

According to Ripple Inc., the current minimum transaction cost required by the network for a standard transaction is 0.00001 XRP (10 drops). Although it sometimes increases due to higher than usual load, it is almost non-existent. It is incomparably cheaper than other cryptocurrency transaction fee.


3. To help ensure the reliability and stability of the network

The market has responded to the Ripple’s great idea, “escrow “feature. “Escrow” service is the system originated in USA, which guarantees the transaction.   It is a safe financial arrangement where a trustworthy third party holds and distribute money required for two parties involved in each transaction. The Escrow feature takes this idea further.  It is a programme by replacing the third party with an automated system built into the XRP Ledger.



The fund transaction will take the following steps:

①The funds set aside in an escrow is automatically locked up. →
②The connector works as a mediator and sends the funds received from the sender. →
③The funds go through escrow again before it goes to the receiver. →
④The funds will be sent to the receiver.

Once the receiver meets the conditions, the escrow ③ then ① will be unlocked, and the XRP sent by the connector will be delivered to its destination account.

Ripple holds a large amount of the total XRP, therefore, XRP investors were concerned that Ripple could flood the market.  However, Ripple has placed 55 billion XRP into a series of time-based escrows last December, so the supply of XRP in circulation is predictable and increases at a slow but steady rate. Thus, this fully automated escrow has stopped people from having these concerns.

Ripple has implemented lock up the tokens in escrows to increase the trust.  XRP is in the escrow account that even Ripple themselves and their developer cannot touch, which prevents the sale of a large amount and the nosedive of token. Ripple believes that there are many other use cases that escrow enables. The industry to find new and unique ways to put escrow to use is encouraged.



Santander to Roll Out Ripple-Powered App in 4 Countries

Ripple has scored one of its largest clients, with the global banking giant Santander Group announcing a mobile app powered by the company’s distributed ledger.

According to Finextra, the bank had been piloting the app for 18 months with its employees, integrating Apple Pay for payments between £10 and £10,000 (1,500yen and 1,500,000yen). At the company’s 2017 earnings presentation, they revealed that the app will be rolled out in Spain, Brazil, UK and Poland. 

The same-day cross-border payments within a minute will be possible by implementing the app, versus three to five days on average for traditional wire transfers. It will also provide a digital wallet, a personal finance manager and has a function to help peer-to-peer payments.

A Santander spokesperson said the company plans to launch the app in the next few months, and that it will use xCurrent which is one of Ripple’s products targeting banks in the project. xCurrent is a software solution developed by Ripple, separate to XRP which is the company’s native cryptocurrency. It does not require any cryptocurrency to work, and enables banks to message each other in real-time to confirm payment detail.




Ripple’s Expansion Continues

Ripple, continues to grow its strength that will transform the global financial system and move banks and financial institutions to a new level. Their technology allows cross-border money transactions between banks in a faster and cheaper way than the current system allows. Following the announcement of partnership with MoneyGram and joining of the UAE Exchange to its customers in January this year, Western Union also stated in the mid-February that they are reviewing Ripple blockchain based transaction technology and interested in benefitting from them.

Mitsubishi Corporation (MC), MUFG Bank, Ltd. (MUFG Bank), Bank of Ayudhya PCL (Krungsri), a Thailand-based subsidiary of MUFG Bank, and Standard Chartered Bank (Standard Chartered), jointly announced the commencement of a pilot test for moving real funds over RippleNet in May, aiming to make cross-border payments more convenient and further improving the capital efficiency of corporate groups. Ayudhaya PCL has now reported that this pilot was carried out and completed successfully.  The pilot involved international remittance from the account of Ayudhya PCL in Thailand to the account of Chartered Bank in Singapore and it took only a few second to complete. Ripple’s blockchain has enabled the group to achieve the speedy international remittance which usually takes a few days by SWIFT

In the wake of the good results of this pilot test, the companies will work towards commercializing this high-speed, transparent and traceable global payments solution and collaborate on a variety of innovative projects.

Cambridge Global Payments, a leading global provider of commercial payment solutions, which processes over $20 billion in B2B cross-border payments annually, also made an announcement  about launching a pilot program to use XRP in cross-border payment flows through xRapid in March. This is another software solution developed by Ripple, XRP Ledger using innovated technology for cross boarder payments minimizing the cost.





Cryptocurrencies is still unstable assets due to its uncertain elements, however, the faster, safer and more efficient payment system is improving at a steady pace, so

promising alternative (ALT) coins, such as Ripple will continue to emerge. We, Wrapious Ltd aim to improve the customer convenience by Wrappy, our next generation SNS App, as one of Fintech companies that develop cutting edge blockchain technologies, at the same time, we roll out various services using our own cryptocurrency Proteusion.










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