What is Ripple and what is XRP? First of all, it is necessary to make a distinction between them. Ripple is a company aiming at the creation of a network of financial institutions that could lower the cost of international payments, making them easier and faster in the process. It was founded in 2012 and works as a gross settlement system, remittance network and currency exchange.
Ripple created an open-source XRP ledger; in it, banks and institutions can use XRPs that are Ripple’s tokens in order to achieve the aforementioned functions efficiently and in a cheap manner. The goal is to weaken the network of banks and financial institutions slowing down money flow and earning gigantic fees.
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