Cryptocurrency Q&A
Do banks need XRP to use Ripple?
Do banks need XRP to use Ripple?
Valeria
Mon May 13 2024
|
7 answers
1652
Could you please clarify for me, do banks actually require XRP in order to utilize Ripple's technology? It's a bit confusing to me, as I've heard differing opinions on this matter. On one hand, some say that XRP serves as a bridge currency, facilitating cross-border payments and reducing transaction costs. On the other hand, others argue that banks can still use Ripple's platform without necessarily holding or using XRP. I'm trying to understand the true necessity of XRP in Ripple's ecosystem and how it fits into the broader financial landscape. Could you shed some light on this for me? Thank you in advance for your clarification.
7 answers
SolitudeSeeker
Wed May 15 2024
XRP's association with RippleNet often leads to misunderstandings.
Was this helpful?
100
49
ShintoBlessing
Wed May 15 2024
RippleNet, as a cross-border payment network, is Ripple's flagship offering.
Was this helpful?
371
64
BlockchainBaron
Wed May 15 2024
This blockchain-based solution is tailored for banking institutions.
Was this helpful?
205
36
Elena
Tue May 14 2024
It facilitates transactions like remittance payments and currency exchanges.
Was this helpful?
261
98
GangnamGlitzGlamourGlory
Tue May 14 2024
Despite RippleNet's capabilities, it does not rely on XRP for its operations.
Was this helpful?
225
55
Load 5 more related questions
