[Delio] Coin Study with Delio: Ripple (XRP)
Delio, a leading crypto bank, runs a Coin Study with Delio series with the intention to spread a positive impact of crypto globalization. Today’s topic is about one of the famous cryptocurrencies: Ripple(XRP). Hope you enjoy learning about XRP, and Delio XRP Savings products.
What is Ripple?
Ripple is a blockchain-based protocol and the 6th most valuable cryptocurrency in terms of market capitalization. Ripple was developed in 2009 as a payment protocol allowing real-time simple remittance throughout the world, and in 2012, after OPENCOIN was established, the cryptocurrency has been launched.
*Protocol: A set of rules that define how data is exchanged between computers.
Ripple is utilized as a transaction fee on the blockchain network called ‘Ripplenet’ and is designed for financial transactions with a real-time lump sum settlement system and a currency exchange/remittance network. Ripple protocol is a P2P exchange, therefore there is no need for an intermediary, and international payments are conducted with a high speed at a low cost.
In fact, the transaction time per remittance is 3~4 seconds, which is faster than Bitcoin. (It takes about 7 seconds per Bitcoin to transfer)
Ripple does not use mining methods and operates exclusively by consensus. Furthermore, the number of coins is capped at 100 billion and will no longer be issued.
Advantages of Ripple
By participating in Ripple’s global network, financial institutions can reliably and efficiently handle customer transfer requests anywhere else in the globe.
Ripple’s cryptocurrency, XRP, provides an opportunity to reduce remittance costs and facilitate entry into new markets. More than 100 financial companies, including Bank of America (BoA), Standard Chartered, and UBS, will sign remittance agreements with Ripple to utilize Ripple’s technology.
Lawsuit with SEC
Unlike Ethereum or Bitcoin, at the time of Ripple’s initial issuance, funds were raised in a form of securities.
In this regard, the Securities and Exchange Commission (SEC) filed a lawsuit in December 2020 for [Selling unregistered securities], claiming that the minimum level of investors’ protection provided by securities registration was not met.
The lawsuit with the US SEC will be settled in 2023, according to Ripple’s legal consultant. And while the SEC is postponing the action, Ripple continues to develop even outside of the U.S.
Delio Ripple Savings Products
Already curious if there is a way to safely invest in XRP whose SEC lawsuit appears to be coming to an end soon, on a long-term basis and generate extra revenue? Get the maximum interest of 7% by depositing your XRP at Delio Savings products.
Deposit XRP at any time you want at Delio, the only trustworthy global crypto bank and the only deposit/lending virtual asset provider (VASP) in South Korea.
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