As the year enters the period of festivities, Bitcoin looks to have made a late rally breaching the $4000 threshold today. Yet the focus is on other smaller cryptos that have floundered or done well. The latter being a niche group, led by Ripple [XRP], which took great positives from the year with mainstream acceptance, and even a look in by large companies.
In a recent blog, the second-ranked blockchain company, discussed the highlights of the year that was 2018. With a total market capitalization of over $15 billion, having recently overtaken Ethereum to the number 2 spot, Ripple has seen impressive growth with mass adoption. This despite the ensuing bloodbath that saw the crypto market contract to a shell of its former glory.
The firm credits much of this acceptance to increased innovation from the Association of Southeast Asian Nations [ASEAN] region. Along with that, the coin has been positively received by the mainstream, above all, the institutional investors and some Fortune 500 companies; in particular JP Morgan Chase and Goldman Sachs Group. Along with this, the real success of Ripple lay in the embracing of its global payment network, with about 100 financial institutions now using it. Discussing its incorporation the statement added: “RippleNet began providing on-demand liquidity for cross-border payments using the digital asset XRP”
The report mentioned early backers of the technology such as Cuallix and Corporate Federal Credit Union, who adopted the technology and helped them to enable easier adoption of xRapid. With its latest offering xRapid, described by Ripple as:
“the Ripple product powering these transactions, and deliver faster, cheaper and more transparent payments to their customers.”
And the Fintech firm has not been bound to a specific location either. It now offers its remittance services in Latin America, Asia and Europe. In fact, their influence in this segment was confirmed when Spanish banking giants Santander adopted their technology for their OnePay FX and Koreas exchange platform CoinOne did the same for their Transfer offering. This has spread Ripplenet wide and allows it to reach out to millions of customers.
While many cheered the coin egging it to infinity and beyond, some did not seem to buy the rosy picture offered by the company. Some such as”PonziJohn” lashed out to the blog by saying,
“XRP will never have any case of use it was just created to make its funders very rich nothing else scam coin bankers coin will be the cause of the end of bitcoin this is the reason why coinbase don’t list it they know the truth”
While XRP has its detractors, it cannot be discounted that the coin has held its own through a rather tough phase, still standing at a shade under $ 0.38. With a strong business case and excellent market penitration, this blockchain has certainly paved the way for future growth.