Blockchain startup Ripple has revealed the results of the first pilot tests using the XRP cryptocurrency created by its founders. Instead of the time-consuming and cumbersome process of storing money in international accounts just in case they need it, Ripple hopes that users will move the value using the XRP cryptocurrency and software, freeing up that capital for other uses. But in spite of the relatively high cryptocurrency valuation along with some equally high-profile business deals with American Express and others that are using non-cryptocurrency-related services, the actual value of XRP to the banking industry is hotly debated. While the potential for large-scale use of XRP is still far from certain, the data points revealed today are among the most concrete evidence that the XRP cryptocurrency might have larger applications than just buying low and selling high. “It was lightning fast compared to using the correspondent banking network Swift,” the interbank messaging platform that connects more than 11,000 financial institutions today.

Source: Forbes May 10, 2018 16:05 UTC