After a tough few years for digital currencies, crypto mania is back, with bitcoin and other tokens surging to new heights, at least, before the volatility investors have come to expect from crypto returned with a vengeance this month. Still, broader adoption of cryptocurrencies has been a boon to San Francisco-based Ripple, a fintech company that’s mostly known for a cryptocurrency called XRP. Its RippleNet platform uses blockchain technology to send money across borders for banks and other financial institutions — think blockchain meets SWIFT.
Ripple also utilizes XRP, a digital asset that even after the recent crypto correction is sitting on big gains this year. Payments into emerging markets often require pre-funded local currency accounts around the world, meaning liquidity costs are high, according to Ripple. The company’s on-demand liquidity service uses XRP as a kind of “bridge” between currencies, which it says allows payment providers and banks to process cross-border transactions much faster than they would over legacy payment rails.