Company Updates, Crypto Payments
CoinGate enables native XRP payment option for merchants
Last updated: February 1, 2019 5 min read
We are thrilled to let you know that we are adding yet another payment option for our merchants, and this time it’s a big one! Due to very popular demand by the community, our next cryptocurrency on the list – XRP!
As a result, XRP coin owners can now use it as a means of payment at more than 4,500 shops online! Whether you want to purchase a VPN, video game or anything else, you are more than welcome to do that!
We are happy to cater to the huge XRP community and vastly expand the use cases of this digital asset. By being one of the first payment gateways that process XRP natively, we hope to significantly boost its utility.
For our merchants, it is also quite a huge deal as currently, XRP falls into a category of the largest cryptocurrency markets according to capitalization. Hence, it makes us confident that this integration will definitely bring more customers to our merchants rather soon.
Once our vendors will start getting XRP payments, they will have an option to instantly settle the revenue in Euros, Bitcoin, Ether, or keep the funds in XRP – whichever they prefer!
Not like all cryptos: XRP briefly
Worth noting that XRP is not your ordinary cryptocurrency. The XRP ledger, also known as “ledger history”, has multiple validators around the globe that maintain the network by confirming every change using the Ripple protocol consensus algorithm (RPCA). As long as all nodes agree on the same thing, transactions are good to go. Since all XRP tokens are pre-mined, such protocol structure results in quick verification times and, most importantly, secure and costless payments.
Some might say that the network is not completely decentralized because at first, the significant part of servers was controlled by a single company. However, this is not the really the case. In fact, there is an ongoing decentralization strategy in place for the further stages of XRP ledger development. Basically, XRP ledger will have even more 3rd party validators joining the club. For each two trusted and highly secure nodes, one node run by developers will be removed. It will further decentralize the network and scale it to better performance at the same time.
In fact, to further accelerate the decentralization of the XRP network, we are now running our own XRP Ledger validator!
What is XRP ledger for?
XRP ledger is well optimized for casual everyday payments, however, it is also used for facilitating international money transfers, as well as sourcing liquidity for banks and money service businesses. It becomes especially useful service when making a cross-border payment that includes currency conversion. And sometimes, there is no direct way to convert one currency to another. Thus, big companies start to avail of such XRP-powered solutions like xRapid, minimizing commission costs significantly.
xRapid is a service that provides the solution for institutions to conveniently perform foreign fiat exchanges using XRP token. As a result, payments on XRP ledger go through with no delays at all. On top of that, it dramatically lowers the cost of conversion, making traditional cross-border payments via banks and money transfer services instant and inexpensive.
As of now, a number of big companies have already confirmed they are going to use xRapid to improve their services, such as the Exim bank. All in all, it seems like the ledger continues to challenge the outdated SWIFT payment system, which is considered to be its biggest rival.
Benefits of using XRP coin
Even though XRP products tend to be more focused on companies, nothing stops regular users from making use of it by conveniently transferring value anywhere in the world. It is not surprising as payments made in XRP settle in just 4 seconds, while the whole network is capable of sustaining +1,500 transactions per second.
But what is more important is that the payments with XRP cost less than a fraction of penny – $0.00001, to be exact. The excellent performance and undeniable convenience make the ledger a sound tool for executing casual payments globally. That is the main reason why we chose XRP for our next big step in development.
With us launching the XRP support, we open up opportunities for XRP to reach far outside its own ecosystem into bigger markets. At the same time, it allows the community to utilize the token in more ways than ever before.
In need of XRP?
As an addition to all of it, we started to offer some more XRP-related services.
Now, you can also buy XRP via CoinGate using one of our supported methods. For example, you are able to purchase it using SEPA bank transfer or QQPay via CoinGate dashboard. However, if you do not wish to bother with registration, there are alternative methods to achieve the same.
One way is to buy XRP with a credit/debit card. It is a very simple procedure that only requires a quick KYC check-up. Just provide your receiving XRP address, enter your credentials and proceed to checkout!
With that said, we believe XRP can become a huge player in the payments industry, and not only for businesses. We are here to facilitate and accelerate the adoption of all cryptocurrencies out there that offer valid solutions, allowing us to contribute to the advancement their technology in the process.
Keep an eye out for more articles about XRP, because there is always going to be more! Soon, we will review best XRP wallets, as well as ways how to pay using them. Don’t miss anything! Subscribe to our blog by entering your email address at the bottom of a page!