- XRP recently moved $50 million dollars with a transaction time of 2 seconds and a fee of only 30 cents
- Crypo is setting a high bar for mainstream financial institutions to compete with
In the most recent world economic report, blockchain was heralded as a helping to ease the sending of funds by reducing the time taken and costs. Now, according to TechCrunch founder Steven Diep, about $50 million worth of XRP was recently moved in a matter of seconds and only cost 30 cents in transaction fees.
This was revealed in a tweet.
We moved $50 million dollar worth of XRP into our company in 2 seconds and it costed 30 cents. There is no way to do that with fiat or Bitcoin. Michael Arrington – Arrington XRP Capital #XRPcommunity #XRP #XRPthestandard #XRPinseconds
This last week has certainly been an eventful one for XRP. Earlier in this week, the Bill and Melinda Gates Foundation announced that they were expanding on their partnership with XRP.
It was announced that the foundation was to make use of the Interledger protocol to find new ways to support pro-poor payments using Mojaloop. Mojaloop is the product of a collaboration between the Bill and Melinda Gates Foundation and Ripple which helps with financial transactions between distant parties.
xRapid was also launched recently and has attracted about 4 new partners since then. xRrapid facilitates the transfer of funds across the globe and reportedly helps users save up to 70 percent on transaction costs.
It has seen widespread use since launch and now has four partners- Cualix, IDT, MercuryFX and Viamericas.
As business becomes even more intertwined around the globe, more and more platforms are being set up to aid these payments. However, many users of these platforms struggle with long processing times and even more with transaction fees.
A number of payment processors take a percentage of whatever amount is being sent and if it is a large amount, it could mean the sender or receiver is losing a significant amount of money in the process.
The fact that crypto allows for such a staggering amount of money to be sent, quickly and securely for only 30 cents in transaction fees is beyond remarkable and sets the bar for global transactions higher.