How to buy XRP in Australia
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What is XRP?
XRP is a cryptocurrency and the native digital asset of the XRP Ledger. It is widely known as a token of exchange used for international transfers. Unlike most cryptocurrencies, XRP currency is pre-mined. Upon launch, 100 billion XRP tokens were initially created and distributed to the public periodically. Ripple Labs owns a large portion of XRP tokens, which gives the company a controlling interest in the network. This is done to nurture the project’s growth and ensure that the cryptocurrency is successful over time. The remaining tokens are held in reserve and released regularly into the market through sales.
XRP or Ripple?
XRP is often referred to as Ripple. The connection between the two makes it easy for people to mistake using them interchangeably. However, XRP and Ripple are entirely separate. To put it simply, XRP is a decentralised cryptocurrency, whereas Ripple is a for-profit company that develops software for fast global financial settlements. Ripple utilises XRP and XRP Ledger to facilitate fast and cost-efficient cross-border payments.
Ripple doesn’t own XRP or XRPL. The company is merely a contributor to the network, with the same rights as other contributors. XRP and XRPL are developed and maintained by an independent entity called the XRP Ledger Foundation .
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