XRP Price - XRP/NZD : $5.90338
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What is XRP?
XRP is a cryptocurrency that runs on the XRP Ledger. It is designed to be used as a token of exchange for faster, cheaper, and more convenient international transactions. XRP is a solution for the outdated and inefficient financial system. With XRP, you can settle cross-border transactions in a few seconds at a fraction of the cost compared to traditional methods.
Unlike most cryptocurrencies, XRP isn’t produced through mining or staking. All of XRP’s supply was created before its launch and distributed to the public in portions. Initially, 100 billion XRP coins were produced, with no more to be created. Ripple also keeps a large portion of XRP tokens locked into a series of escrows. They release XRP every month with the intention of adding predictability to the currency’s supply.
Fast and Efficient
The XRP Ledger (XRPL) is an open-source blockchain designed for payment processing, which is maintained and improved by the XRP Ledger Foundation. It is known for its speed and cost. XRP Ledger transactions are faster and cheaper than other blockchains because of its unique consensus mechanism, which doesn’t require mining.
The XRPL uses a global consensus run by a growing network of over 150 individual participants who agree on the validity and order of XRP transactions. Each validator can select a set of other validators to verify their transactions from the Unique Node Lists (UNLs) maintained by Ripple, the XRP Ledger Foundation, and Coil. A majority of validators need to accept the transaction to be verified.
With this consensus, XRPL can handle up to 1,500 transactions per second accurately and consistently. As a result, the ledger is more scalable than other blockchains.
Frequently asked questions
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How we treat client assets
No commingling of customer funds: we keep client assets completely separate from our own.
1:1 reserves
We maintain a full 1:1 reserve of all client fiat and crypto assets.
We hold the vast majority of crypto assets in secure offline cold storage, protected in underground vaults with maximum security.
Audited
Our books are balanced and we carry no debt on our balance sheet. We engage external auditors to undertake an annual audit of our financial statements in accordance with Australian Accounting Standards. This includes verification of all fiat and crypto balances held in custody on behalf of clients.
Segregated funds
We do not commingle customer funds. We maintain complete segregation of all client assets to ensure that when you need to make a withdrawal you can.
We keep your assets safe. That is our promise.
Sole custodian
Independent Reserve is the sole custodian of all crypto assets held on our platform. Custody is managed in Australia and we do not use any third party custodians.
We adhere to industry best practices and never lend or trade your assets.