Ripple (XRP) is utility token used by the Ripplenet blockchain-based clearing service. The Ripplenet clearing service designed specifically for facilitating the settlement of cross currency transactions in standard fiat currencies. Ripple acts as an artificial currency which denominates transactions, automating a large part of the clearing and settlement process.
Both Ripple and Ripplenet are proprietary, and are developed and marketed by Ripple Labs, Inc.
At the time of its release, Ripple stood out from cryptocurrencies because it was part of a service rather than a store of value and because it was proprietary software rather than community-driven.
Since its inception, Ripplenet has been adopted by a number of commercial banks and payments processors.
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