Blockchain startup Ripple has revealed the results of the first pilot tests using the XRP cryptocurrency it created. The third-most-valuable cryptocurrency by market cap, at $31.4 billion, XRP is part of a larger effort within the venture-backed startup that raised $93 million from Santander, CME Ventures, Accenture and more to free up dormant capital stored in accounts around the world.
“The exchange rates were very competitive, and the transaction times were unbelievable,” said Alistair Constance, director of Mercury FX, which participated in one of the pilots. “It was lightning fast compared to using the correspondent banking network Swift,” the interbank messing platform that connects more than 11,000 financial institutions today.
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