Ripple surges by 56% and becomes Second Largest Cryptocurrency in the World
December 30, 2017 11:11 am
Ripple, which is officially called as XRP, now climbed 56 percent to a new record high of $2.23 yesterday. The digital currency had a market capitalization of $86.3 billion, crossing Ethereum’s capital $73 billion.
Bitcoin still remaining as the largest cryptocurrency for so far. It has the capitalization of roughly $247 billion.
Ripple is officially the name of a San Francisco-based start-up using Blockchain technology for developing networks for banks, digital asset exchanges, and other financial institutions. Network participants use a digital coin which is called XRP for transactions. The Cryptocurrency has a four-second settlement time, versus more than two minutes for Ethereum and over an hour for bitcoin.
The firm says, more than 100 financial institutions use its network. In the last few weeks, some South Korean and Japanese banks have been testing Ripple’s systems for cross-border payments.
The company owns 61 percent of the 100 billion XRP in presence.