The U.S. Consumer Financial Protection Bureau has allowed Ripple Lab’s XRP cryptocurrency to be used for effectuating financial remittance transfers. The attention from the world’s biggest economy had led to a boost in XRP’s price when the news first broke out.
XRP currently holds the title as the fourth cryptocurrency by market cap, following Tether and Ethereum. When the U.S. authority revealed its approval on May 20th, the price shot up by 0.82%, taking XRP to a trading value of $0.21 per unit.
The Bureau’s recent report on their research concerning new U.S. cross-border markets also showed that they were exploring the cryptocurrency trend.
“The Bureau has continued to monitor…the continued growth and expanding partnerships of virtual currency companies, such as Ripple, which offer both a payment messaging platform to support cross-border money transfers as well as a virtual currency, XRP, which can be used to effect a settlement of those transfers,” – stated the government agency.
During a time when the entire cryptocurrency sector is closely monitored and regulated on a frequent basis by financial and state authorities, XRP’s approval is one of the few breakthroughs of cryptos towards its path to mainstream adoption.
XRP – Still a Popular Crypto
XRP is among the most known cryptos in the community, but it is by far the most used digital asset by payment networks.
Ripple Labs, the company that manages the creation of new XRP coins, has faced several lawsuits for its alleged use and control of the XRP supply, with many investors accusing the company of market manipulation.
In spite of its controversies, the XRP asset is still a favorite in the community, and top players from the financial sector trust and use the coin. Not only that but the technology on which XRP is based, the Ripple Protocol Consensus Algorithm (RPCA), is the most-used transfer protocol of this year.
Making Transactions Better
Today’s monetary transfer systems have many issues with remittance transfers, and XRP has proven that it can improve the speed and costs associated with these transactions.
The U.S Consumer Financial Protection Bureau also noted that XRP could enhance the performance of traditional financial systems when it comes to cross-border transactions:
“To the degree banks and credit unions increase their reliance on closed network payment systems for sending remittance transfers and other cross-border money transfers, the Bureau notes that this could result in greater standardization and ease by which sending institutions can know exact covered third-party fees and exchange rates.”
Many big names from the banking industry have shown their confidence in Ripple, such as Standard Chartered and Barclays, by either using or integrating XRP’s technology to aid their remittance performance.
To make fund transfers for users around the world fast and easy, 1xBit has also introduced the use of XRP on its online casino and crypto sportsbook.1xBit does not charge any fees when transferring XRP or any of the other 20 cryptocurrencies that are supported on the platform.
Signing up for an account on this crypto casino is easy and completely anonymous. Customers will be able to use their multi-currency account to place bets on dozens of sports events with high odds, play over 5000 slots from more than 100 providers, and engage with live dealers. New users can also take advantage of a substantial welcome bonus of 332 000 XRP (equal 7 BTC).
XRP users can easily deposit on 1xBit to bet and gamble with no fees and quickly cash out their payouts.
