- PDX Coin set to use XRP, Ripple’s xCurrent
- About xCurrent and xRapid
- XRP in the market
A new energy-backed cryptocurrency dubbed PDX Coin has indicated it is using Ripple xCurrent and XRP via xRapid.
PDX Coin is a petroleum supported digital currency, legally compliant and backed by independently certified recoverable oil and gas reserves.
Although PDX protocol runs on Ethereum network, owing to the real-time nature of the Ripple Transaction Protocol (RTXP), PDX says it may license and make use of Ripple’s proprietary tool “xCurrent”, which is efficient for universal inter-bank rapid messaging to achieve global transfers and payment for seamless and fast transaction.
In its latest whitepaper, the team behind the digital currency says PDX may decide to deploy Ripple’s proprietary “XRapid” platform to make exchange of fiat currencies with PDX cheap and rapid in real time.
The PDX coin is designed to give organisations and individuals the privilege to make use of a transparent digital currency supported by independently certified crude oil and natural gas reserves in the ground, and either in production, or ready for development.
While the innovation awaits formal unveiling, the team behind the idea is well-abreast of the wonderful performances of Ripple tools like xCurrent and xRapid.
About Ripple’s xRapid and xCurrent
Diverse financial institutions deploy Ripple’s state of the art remittance tools to achieve seamless cross-border transactions.
In the Middle East for example, Ripple software remittance protocol is being deployed by commercial and Central banks for efficient remittance services.
Not long, Saudi’s SAMA confirmed the awesomeness of Ripple’s cross border tool, saying it saved the country an enormous amount of money lost to cross-border transfer.
Banks in Europe and even IMF are speaking extensively on how Ripple is putting the SWIFT and other traditional payment networks on their toes.
At the moment, there are nothing less than 200 financial institutions in all continents linked to Ripple. Last month, Ria announced a partnership with the blockchain remittance firm.
Ripple’s XRP in the market
The cryptocurrency market generally saw a drastic drop two days ago after Bitcoin cross the 9000 USDT level on Binance.
The market then witnessed a sudden drop within few minutes, falling to $8300 in a twinkle of an eye. While this happened, XRP was not much affected as the digital asset traded around $0.42.
Yesterday, however, the cryptocurrency market witnessed a slight uptick which pushed the value of Bitcoin to $8500 and XRP to $0.43.
With a market cap of $18.2 billion and a 24h market volume of $1.9 billion, at the time of writing, XRP is trading up at $0.4335.
Disclaimer: Our writers invest in cryptocurrencies and it is possible the author of this article has investment in any of the digital currencies discussed. Some times author's presented information may be laced with opinions. Treat articles as mere information and not as financial advice.