August 2, 2017
Ripple attracted a great deal of venture capital during its inception. The Google-backed altcoin startup managed to pull in upwards of $50 mln from banking institutions, gathering an impressive $90 mln in total funding. Ripple is unique in that it allows for transacting with any unit of value, from fiat currency to frequent flier miles.
“Ripple provides global financial settlement solutions to enable the world to exchange value like it already exchanges information giving rise to an Internet of Value (IoV). Ripple solutions lower the total cost of settlement by enabling banks to transact directly, instantly and with certainty of settlement,” reads the company’s copy on their official website.
Initially a middling contender, Ripple has gained momentum in the cryptocurrency market, seeing a marked surge earlier this year. In fact, Ripple experienced a 100 percent increase in value within a 24-hour period in late March.
Ripple has already attracted millions in venture capital, including from Google Ventures. In contrast to Bitcoin, there is no mining of Ripples. Ripple also is set up as a payment network, not only for Ripple, but for other currencies, and as an automated system for currency trades.
Ripple is the second altcoin in capitalization, i.e has 14 percent of the market value.
Since the middle of May, it’s had downtrend and does not have any upcoming events, that might influence purchases. By mid-July, the Bank of England tested the possibility of cross-border payments, using Ripple technology. After that an attempt was made to recover in price. But due to the lack of sufficient demand level, the price went down.
In addition to the British monetary regulator, this technology is actively explored by other banks, including Santander, Royal Bank of Canada and Mitsubishi UFJ Financial Group, who are striving to make cross-border payments faster and cheaper.