Industry-leading digital money platform Wirex have added a Ripple (XRP) wallet to their growing portfolio of crypto wallets, making it one of the first digital payment platforms to support the XRP token.
Wirex integrates traditional and digital currencies to offer multi-currency accounts and exchange services - the Ripple wallet will be made available to 1.7 million clients in 130 countries across the world. For the first time, users will be able to exchange and spend XRP in-stores, on transport and online, like a traditional currency- using their Wirex Visa Card. Wirex Payment Cards are PCI DSS-certified, available in GBP, EUR and USD and can be used wherever Visa is accepted*
Ripple - more than your average token
Launched in 2012 by Jed McCaleb and Chris Larson, Ripple was intended to “do for money what the internet has done for information”. It was founded to facilitate interbank transfers and integrate with traditional finance systems. At the time of writing, the Ripple token XRP is the third largest digital currency on the crypto market.
Wirex co-founder Dmitry Lazarichev explains, “Ripple’s stability - and the innovative technology behind it - was the main reason that we chose XRP to be our next altcoin offering. Its incorporation into banks, payment providers, digital asset exchanges and corporates is what sets it apart from other cryptocurrencies.”
What sets it apart
Like Bitcoin, Ripple represents both a P2P network and a cryptocurrency - RippleNet is the network and XRP is the crypto token, set up to offer a more efficient solution to international remittances. The XRP token can be used by both individuals and businesses to send payments around the world quickly, at low cost.
Unlike many other cryptocurrencies, Ripple was not set up as competition to traditional financial institutions. Rather, it was intended to be used in conjunction with existing infrastructure to support $155 trillion cross-border payments that take place every year. In June 2018, this functionality was utilised by Japanese financial giant SBI Holdings, who launched their own virtual currency exchange, VCTRADE, which runs on the Ripple network. Bitcoin (BTC), Bitcoin Cash (BCH) and JPY are all currently supported by the exchange.
“XRP has gained a reputation as a stable altcoin with a strong underlying offering,” Wirex co-founder Pavel Matveev explains. “While the value of most cryptocurrencies is influenced by the oscillations of Bitcoin, XRP is independent of the Bitcoin blockchain. It has grown considerably in value - with some significant gains in the last year. We are thrilled that we are able to offer this innovative new wallet on the Wirex platform, as there has been an increasing demand for the token.”
Wirex is the same company that revolutionised rewards programmes by paying back their card users .5% in bitcoin when they swipe or tap their Wirex Visa cards. The company’s aim is to continue providing innovative world-class services to its clients, developing new tech and products for the platform as the adoption of cryptocurrencies moves into the mainstream.
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