There has been a series of events that have been creating traction around the already huge ripple coin (XRP). This coin is one of the largest coins to also have a centralised entity that operates and dictates its utility.
Currently ranked the third largest cryptocurrency by market cap, Ripple has set its sights on taking the king of cryptocurrency Bitcoin off its number one spot.
With a partnership between SBI holdings and R3 having taken place last year, the coin giant now aims to extend that partnership with Corda.*
The Ripple Rally:
Many loyal supporters of the coin have been showing their support by speaking out against other decentralised coins in the market.
The biggest supporter has been none other than Yoshitaka Kitao, Japan's SBI Holdings CEO. A company with a revenue of over $200 billion.* Here are some of the claims he has been making:
"XRP already has utility as a tool for making faster and cheaper cross border payments".*
He compares the utility of Ripple to the fundamental value of Bitcoin. His claim on Bitcoins lack of value is down to it not solving a problem in comparison to the number of other coins being created, which serve a real purpose or solve a problem, and also its high price per coin.
On the other hand, he believes that ripple stands a much better chance due to its intrinsic value and the fact that it raises the efficiency of international payments.
Partnership with Corda:
R3 has recently launched a new open source app called the Corda Settler which provides Corda users with a link to any payment method, returning a cryptographic proof of settlement.*
Simply put, proof of settlement is an irreversible paper that verifies payment and solidifies it into the blockchain.*
Yoshitaka Kitao goes on to mention that this partnership "makes XRP thoroughly practical and usable." He truly believes in the idea of a cryptocurrency that has utility.
Beyond Kitao:
It isn't just the Japanese CEO that thinks XRP has potential though. It is worth noting that 50 international banks have already decided to use XRP via the Corda Settler platform.*
Ripple has also expanded into the Middle East. The crypto giants have over 200 partnerships with financial institutions and are hungry to expand even further.*
What will happen next?
It is clear to see that XRP is not going to settle for third place, but do they have what it takes to beat Bitcoin and take first place prize? We just have to wait and see.
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Sources:
- https://ambcrypto.com/ripple-xrp-sbi-holdings-and-r3-extend-their-partnership-to-drive-adoption-of-corda-blockchain/
- https://cryptopotato.com/200b-sbi-holdings-ceo-bitcoins-value-is-zero-ripple-is-the-no-1-cryptocurrency/
- https://ambcrypto.com/xrp-not-bitcoin-is-the-top-cryptocurrency-in-the-market-says-sbi-holdings-ceo/
- https://medium.com/inside-r3/announcing-corda-settler-2287ca620f68
- https://www.bis.org/publ/work765.htm
- https://dailyhodl.com/2019/02/19/the-ripple-effect-r3-bringing-xrp-to-50-banks-in-new-blockchain-and-crypto-pilot/
- https://www.coinspeaker.com/ripple-xrp-btc-sbi/