Crypto Exchange CoinGate Sees Ripple XRP Payments Doubling Since February; Adoption Setting In?
- CoinGate shows XRP payments have increased significantly since February 2019.
- The digital currency provides many benefits to users including near instantaneous cross-border transfers.
CoinGate Informs XRP Transactions Grow
According to a recent report released by CoinGate, XRP usage continues to rise. The virtual currency is being used by crypto users in order to process cross-border payments. Other financial companies are also embracing the digital asset.
CoinGate informed that they have been processing XRP payments for merchants since February 2019. The number of people buying things with XRP has also been increasing every month. The main question asked by CoinGate is whether XRP is becoming a crypto for payments.
We’ve been processing $XRP payments for merchants since February. As you can see in the #infographic below, the number of people buying stuff with #XRP is increasing every month! Do you think XRP is gradually becoming a cryptocurrency for payments? pic.twitter.com/jmedyzTowx
— CoinGate (@CoinGatecom) June 6, 2019
XRP Transfers Settled Faster Than BTC Transactions
The data provided shows that in February, the number of XRP purchases was 388, in March grew to 551 and continued the uptrend in April and May with 705 and 718 transactions each month respectively.
Compared to Bitcoin (BTC), XRP provides users with a fast and cheap way to process payments. While the Bitcoin network does not allow users to send micropayments as easily, it is possible to do so with XRP. Nonetheless, Bitcoin developers are currently working on the Lightning Network (LN) that is expected to help Bitcoin scale and process a larger number of transactions for low fees.
It is also worth mentioning that transactions on the XRP Ledger have remained stable since February until May. Last month, transactions moved from 392k transactions per day (TPD) to 979k TPD. Meanwhile, Ethereum (ETH) transactions have also grown during the same period of time. Bitcoin and Litecoin transactions remained without change since February.
Ripple Working With Financial Firms Throughout the World
Ripple has also been working on different partnerships with companies around the world, including bank and other financial firms that want to reduce costs and transaction times when processing cross-border payments.
Now it is possible to send XRP through the Money Message feature on Gmail. Moreover, the XRPTipBot is also helping individuals to send and receive XRP through different social media networks, including Discord, Reddit and also Twitter.
Currently, the third largest digital currency in the market has a price of $0.4112 and a market capitalization of $17.37 billion. In the last 24 hours, XRP lost 2.35% of its value.