Ethereum and XRP, Competitors or Not, Continue To Expand Improving Blockchain Technology

Both Ethereum (ETH) and XRP are the two largest digital currencies in the market and have usually been considered rivals. Although they offer different services to companies and firms, both of them have been trying to be in the 2nd position in the market. Nonetheless, these firms have different applications which is something that investors should take into account.

Ethereum and XRP Are Not Competitors

Ethereum is known for being a platform to deploy decentralized applications (dApps), tokens, smart contracts and run projects such as Initial Coin Offerings (ICOs), networks and more. Meanwhile, Ripple is expanding around the world offering solutions to financial companies that want to improve cross-border payments and transactions.

This shows that they have completely different targets and they want to achieve different goals with their virtual currencies. However, they have a similar goal, they want to leverage blockchain technology and improve current systems.

These two digital assets have also been adopted by several companies and firms all over the world after Bitcoin (BTC). Indeed, they are currently revolutionizing their own industries and economic sectors by offering functional products and services to companies and users.

Firms such as JP Morgan Chase, Ernst & Young and Microsoft are currently experimenting with Ethereum’s technology and using its network to improve the services they are currently offering. JP Morgan Chase has developed Quorum, a permission network based on Ethereum.

Ripple, instead, is offering services to other financial institutions including Santander, BBVA, or other banks around the world. Although XRP is not being used by these institutions, the intention is to increase the number of firms that use XRP in order to source liquidity on demand, reduce costs and improve transactions.

At the moment, Ripple is working with over 200 financial institutions around the world that want to use blockchain technology. The International Monetary Fund (IMF), the EU Commission and the World Bank have already heard about Ripple and how this technology can be used to improve cross-border transactions.

Although many in the crypto space believe that these virtual currencies are competitors, they are targetting completely different industries. Even when they are trying to be in the second position after Bitcoin, these projects are working to make blockchain technology more useful and expand it around the world.

At the time of writing, XRP is being traded around $0.38511 and is the third largest digital currency with a market capitalization of $16.16 billion. Ethereum is the second largest crypto after Bitcoin with a market capitalization of $22.45 billion and a price per coin of $211, according to CoinMarketCap.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Carl T
Carl T
Carl is a legend in cryptocurrency space for his long-storied experience, history and insights. He is a digital nomad who fell in love with bitcoin and its offspring for many years now and prides himself on delivering quality perspectives in the emerging world of crypto-assets and blockchain technology.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


Please enter your comment!
Please enter your name here


Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

YFI’s Andre Cronje isn’t Going Anywhere; ‘This Space Won't Get Rid of Me'

Andre Cronje, the guy behind yEarn and the popular YFI, is not leaving the cryptocurrency space any time soon, at least, “until there is...

Crypto Mom, Hester Peirce, Secures Second Term as SEC Commissioner Through 2025

The US Securities and Exchange (SEC) Commissioner Hester Peirce, aka “Crypto Mom,” has been confirmed for a second term that will last till June...

yEarn Expanding its Ecosystem to Bring in Hot DeFi Tokens into the Mix

DeFi craze continues to get hotter as the system grows. yEarn’s zero supply valueless token YFI climbed to a new high today at $5,300 and...

Bitcoin Dollar Cost Averaging From 2017 Market Peak Still Returned 61.8%

Bitcoin price remains strong, not far from hitting $12,000 yet again after the touch and go over the weekend. Interestingly, despite the fact that the...

DEX Leader Raises $11 Million in Series A Funding for Uniswap V3 Following an Explosive Month

A popular and widely used decentralized exchange (DEX) Uniswap has raised $11 million in Series A funding led by Andreessen Horowitz with additional investment...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today