XRP

XRP is a digital asset and cryptocurrency that was created by Ripple Labs Inc. in 2012. It is designed to facilitate fast and cost-effective international money transfers. Unlike traditional cryptocurrencies like Bitcoin, which operate on a decentralized blockchain, XRP functions as a bridge currency in Ripple’s payment protocol to enable real-time cross-border transactions. XRP can be used to settle transactions in various currencies, making it attractive for financial institutions and payment providers looking to streamline their processes and reduce transaction costs. As a digital currency, XRP operates independently of central banks, but it has garnered attention for its potential applications in the financial sector.