Ripple Investors Can Now Use XRP Tokens Like Cash in Over 40 Million Locations via Spend.com

Cryptocurrency has been experiencing a rather rough season and has been stuck in a bear market for significant amount of time. However, prices have been balancing out a little better, making it a good time for Spend.com to announce one of their latest listings.

Though they just announced services available for Litecoin and DASH, the company has now made it possible to use XRP, Ripple Ledger’s native currency.

The announcement on Twitter said, “#XRP is now available on the #SpendApp. Buy/Sell $XRP with your bank account. Exchange XRP with all supported assets. Spend XRP at 40+ million locations with the Spend Wallet by instantly converting to fiat on the #Spend Visa [email protected] @bgarlinghouse @chrislarsensf @JoelKatz”

Ripple has been working hard to make the XRP token available to consumers and investors around the world, adding themselves to different exchanges and various services.

However, one of their main concerns has been in relation to regulations, establishing themselves as a utility token. By classifying as a utility token, it becomes exempt from the regulations of the SEC.

By being available through Spend.com, XRP truly becomes available wherever needed. There are 40 million locations available to spend XRP and other listed tokens, which spans across 180 countries. Much of the reason that Spend.com is able to offer this widespread application is because they’ve partnered with Visa, meaning that crypto and fiat can be spent wherever Visa is accepted.

When asked by a user on Twitter whether the XRP tokens need to be converted to fiat currency, Spend.com clarified,

“When using the card, it converts on the fly. All you have to do is activate the asset and swipe! The Spend Authorization Engine converts to local fiat currency prior to loading on the network.”

While using the Spend Wallet, any users can spend, store, send, and receive over 16 different cryptocurrencies that are presently listed online. There is also an option of converting to and from fiat currency on the app, though it is not necessary for spending via the card in POS transactions.

To further protect and support consumers, Spend adheres to KYC compliance rules, and uses AES encryption with PCI DSS Level 1 Certification.Unlike other wallets that allow cryptocurrency, consumers are able to get loans on the Spend app. After an evaluation of the user’s credit rating, the user will determine their interest rate on the loan, which is around 11%.

However, the loan feature is only available in certain regions at the moment. The Spend App has been making more progress lately as they have added new partners like XRP, BNB and EOS. However, due to a recent issue on the Android version of their app, the program has been pulled “while we work to create an experience similar to the iOS Spend App,” according to a Twitter post from Spend.

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.

Avatar
Krystle M
Krystle is an American cryptocurrency blogger that wants to see the future of crypto and blockchain technology evolve. She has been writing about cryptocurrency for about a year, with a special interest in blockchain technology and regulatory measures around the world. While away from writing and learning about the changes in the cryptocurrency industry, she likes to indulge in science fiction novels and further her experience in playing both guitar and piano.

[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

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,485FansLike
2,795FollowersFollow
4,262FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

VeChain Joins China Animal Health and Food Safety Alliance (CAFA)

VeChain has joined the China Animal Health and Food Safety Alliance (CAFA) as one of its council members and will be providing them technical...

Coinbase Pro to Pass the Rising Network Fees Onto The Customer During Withdrawals

The launch of UNI, the governance token of Uniswap DEX, is having a big impact on the Ethereum network. The good thing is the price...

Homeland Security Calls On Freelancers to Design A Digital Wallet Interface; $25k to Finalists

The Science and Technology Directorate (S&T) division of the US Department of Homeland Security has allocated up to $25,000 in prizes as an...

BoE Explores Negative Rates; Bitcoin Is A ‘Must' Because Fiat is a ‘Giant Ponzi Scheme'

The Bank of England (BoE) is exploring negative interest rates now and in response Sterling weakened sharply. The pound dropped 0.7% against the dollar after...

Nexus Mutual Sees Active Cover Growing 10x, Now Token Price ‘Directly Linked to Adoption'

“DeFi is developing faster than you can say ‘protect me from the risks in DeFi’,” said Kayleigh Petrie, Director of Engagement at Nexus Mutual,...

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