Cryptocurrencies came into existence almost a decade ago, with the sole intention of providing an alternative to traditional money. However, the dream hasn’t been realized completely yet.
After Bitcoin was released, it became more of a commodity of trading than a payment instrument. This led to large scale speculations which resulted in higher prices making mass utilization almost impossible. Nonetheless, over a period of time, the industry has grown significantly, and crypto adoption now seems possible more than ever. Emerge of cryptocurrencies specifically focused on adoption have triggered made several companies across the globe accept digital tokens as payments.
One of the most prominent blockchain platforms focused on large scale adoption of digital tokens is Ripple and its native cryptocurrency, XRP. The platform has been working tirelessly to expand adoption in unexplored regions and industries and has struck several deals and partnerships with giant businesses corporations.
Ripple (XRP) is now available on almost all major crypto exchanges, including Coinbase, Binance, Huobi, etc. Moreover, the two products of Ripple, xRapid and xCurrent are heating up and becoming the preferred choices for cross-border money transfers.
Ripple’s expansion in Asia has particularly been phenomenal. In Japan, xCurrent has a tie-up with two prominent banks, SBI Sumishin Net Bank and Suruga Bank. Ripple’s Malaysian Partner, MoneyMatch has now secured a digital remittance license, which would allow payments with XRP in the country. Interestingly, about 50% of Ripple’s clients are from Asia, including InstaReM, CIMB Bank, SCB and BDO.
Apart from Asia, Ripple is fast growing in North America, and Europe as well. XRP is now available on the UK based payment platform, Uquid, which has a reach in more than 150 countries. Recently, it signed a partnership with India based tech conglomerate Tata Consultancy Services (TCS), which has given it an immense boost. TCS has a user base of over a billion, which opens infinite possibilities for the platform.
All of this doesn’t only bring benefits for Ripple and XRP users, but also the crypto market as a whole. Dedication for crypto adoption by platforms like XRP, Stellar, SWIFT, etc., has introduced cryptocurrencies and blockchain to various industries, which were previously reluctant or unaware. Especially, in the growing global payments segment, XRP has played a major role.
The expansion of XRP in global payments has forced giant companies like JPMorgan and Facebook to launching their stablecoins targeted towards cross-border payments. Due to the use of XRP in global payments, people who weren’t a part of the crypto space got to taste the benefits for digital tokens, which include lower cost, better security, and lesser time consumption.
Also, Ripple has been able to penetrate difficult markets like South Korea, Malaysia, Vietnam, etc., which has now opened the doors for other digital tokens to capitalize on. On the other hand, growth of XRP forced other tokens to find ways to compete, to stay relevant in the ever so competitive market.