The total market capitalization of Ripple has just briefly surpassed that of Bitcoin Cash. The cryptocurrency rallied to over 90 cents before pulling back to just above 80 as of the time of publication.
During the week Ripple has been gathering speed, amid a raft of positive news around the project. The market cap of the payments system/exchange/currency increased by about $18 billion this week to reach just over $30 billion.
The Ripple network’s utility will be demonstrated in Asia on Friday on the Japanese Nikkei Morning Plus show. The currency is also rumoured to be added to Coinbase soon and its adoption amongst major consortiums and banks is making the rounds.
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The protocol that was started in 2004 evolved into a company that received over $100 million in funding from Google, Santander, Seagate and other multi-nationals. With the protocol depending on a different concept to ‘regular’ cryptocurrencies that require ‘proof of work’, Ripple has been pre-mined.
The company is registered with the SEC and a representative sits on the Federal Reserve’s Task Force that endorsed the network, outlining that it “improves speed and transparency of global payments”.
Well over 100 banks globally are presently testing the Ripple network for payments. It employs over 200 people, including a number of former SWIFT execs. The currency rallied from about $0.006 at the start of the year and represents just over 6 percent of the total crypto market capitalisation.