CoinGate and BitMart – two cryptocurrency exchange platforms – relisted XRP for trading recently. XRP is the token used by Ripple. According to Ripple’s website, their corporate mission is, “Build breakthrough crypto solutions for a world without economic borders. Through blockchain technology, Ripple enables global financial institutions, businesses, governments, and developers to move, manage and tokenize value, helping to unlock greater economic opportunity for everyone, everywhere.
Many exchanges – including Coinbase, Binance, and Kraken – suspended XRP trading after the SEC announced an enforcement action against XRP. XRP is the native cryptocurrency of XRP Ledger, which is an open-source, public blockchain designed to facilitate faster and cheaper payments. Trading XRP remains suspended on the majority of exchanges. Sending payments overseas using the legacy financial system typically takes one to four business days and can be expensive. If a person uses XRP as a bridging currency, it’s possible to settle cross-border transactions in less than five seconds on the open-source XRP Ledger blockchain at a fraction of the cost of the more traditional methods, according to CoinDesk.