LONDON: Facebook's Libra may be grabbing all the headlines at the moment, yet a major cryptocurrency already exists that's gained a toehold in mainstream commerce.
To track the emergence of hundreds of smaller rivals to bitcoin, collectively known as"altcoins", Reuters is looking at the leading players as they grab the attention of investors, companies and regulators.The third in the Reuters series on altcoins looks at the prospects, and challenges, for XRP.Seven-year-old XRP is one of the most successful examples, thus far, of attempts to build cryptocurrencies capable of entering mainstream finance and commerce.
It says payments using XRP settle in four seconds, compared with over an hour for bitcoin and three to five days for traditional systems used for fiat money. Both coins aim to address problems in the payments sector, from high intermediary fees to lengthy transfer times. Yet Libra's target audience differs, with Facebook saying it will offer people who lack bank accounts access to easier money transfers. XRP, in contrast, is targeted at traditional financial firms.
London-based Mercury FX, which counts small businesses and wealthy individuals as clients, uses XRP to facilitate payments into and out of countries such as Mexico and the Philippines.
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