Our team is happy to announce that we will be expanding the selection of cryptocurrencies available on Bankera Exchange in the coming months. Today, we are taking the first step forward and introducing support for one of the most popular coins among our community — XRP (commonly known as Ripple).
The history of Ripple
Bitcoin, the first cryptocurrency in the world, was designed as a new means of payment that would make the current financial system faster and eliminate the problems that arise from cross-border payments. However, Bitcoin is mainly focused on transactions for individuals and does not facilitate inter-bank payments. That is where Ripple comes in.
Ripple is an open-source protocol designed to be used as a distributed peer-to-peer payment system, created in 2012. Transactions in the Ripple network can be processed in any currency, making it ideal for banks and financial institutions who are dealing with costly international transactions on a daily basis.
Currently, Ripple project aims to facilitate transactions among the companies within the RippleNet — a network that mainly consists of banking institutions from all over the world, including banks such as Santander or the Royal Bank of Canada.
XRP – the currency utilized by Ripple
To offer an alternative cross-border payments mechanism within the Ripple network, the project decided to implement the XRP cryptocurrency into the ecosystem of Ripple. At the moment, XRP is the third biggest cryptocurrency in the world in terms of market capitalization and among the top 10 in terms of the daily trading volume.
XRP runs on its own blockchain called the XRP Ledger. The blockchain has a unique consensus mechanism and does not rely on proof-of-work or proof-of-stake methods. Transactions on XRP Ledger are validated by a number of trusted nodes that are verified by the Ripple company.
The primary use case of XRP is the xRapid project. xRapid is one of the Ripple’s solutions for making international bank transactions. During the process, fiat assets of one currency are exchanged to XRP, sent to the receiver abroad, and then exchanged to the local fiat currency. Hence, banks can cut currency exchange costs and enjoy a shorter transaction time.
Trade Ripple on Bankera Exchange
Bankera is very happy to welcome XRP, one of the most well-known cryptocurrencies on the market, to our platform. XRP was among the few top coins whose price performed well even during the bear run of cryptocurrencies in 2018.
On Bankera Exchange, the currency is paired with four leading cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), Tether (USDT) and Banker token (BNK). XRP deposits, withdrawals, and trading have already been enabled on the platform. What is more, BNK token holders can take advantage of exclusive benefits and trade Ripple entirely fee-free at Bankera Exchange!
XRP coin is the first new addition to Bankera Exchange, but it is definitely not going to be the only one. As we are planning to offer our users an extensive selection of cryptocurrencies, more coins and tokens will be added to the platform in the near future.
To learn how to trade Ripple on Bankera Exchange using different order options, please read our blog post. Users can check the XRP fee schedule in our Fees and Limits page.
If you have any further questions regarding the listing of XRP, please contact us at [email protected].