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Ripple News: Bitcoin could be a thing of the past | City & Economy | finance

At the beginning of 2017, Ripple’s trading price was $0.006311. Today it stands at $3.80 and has a market cap of $140 billion – second only to Bitcoin in the digital league.

Market capitalization refers to the total market value of a company’s outstanding shares in dollars.

Bitcoin currently has a market cap of nearly $250 billion (£184 billion).

Ripple’s price increased 3,500 times in 2017.

Despite this huge surge, it still trails Litecoin in terms of trading as Litecoin is priced at $231 but has a lower market cap of $17.8 billion.

Ripple draws positive attention as banks and corporations want to use it.

Unlike Bitcoin, Ripple has a physical base in San Francisco, USA.

It has attracted tens of millions of dollars worth of investments, leading to it being dubbed the Bitcoin that banks like Santander and UBS like.

In November of last year, American Express also launched an instant blockchain-based payment system using Ripple.

Asheesh Birla, Vice President of Product at Ripple, said: “It would be helpful to think of Ripple as a company. We make software products and sell them to banks, payment providers like MoneyGram, just for example, and then to corporations.

“XRP Ledger is a standalone, decentralized product and the primary use cases revolve around digital assets.”

Last week, South Korean regulators debated imposing stricter regulations on cryptocurrencies, a move that hurt the value of most major blockchain currencies — with the exception of Ripple.

Bogart: Bitcoin could surpass record $50,000 level in 2018

A key factor that helped boost Ripple was the launch of a new cross-border payment attempt with two of South Korea’s largest banks by the Japan Bank Consortium, a coalition of 61 Japanese financial institutions.

SBI Ripple Asia is an Asia-Pacific partnership between Ripple and SBI Holdings and was founded in 2016.

SBI Ripple Asia announced that it has entered into a partnership agreement with some of Japan’s leading credit card companies, including JCB, Sumitomo Mitsui Card and Credit Saison.

Both former and current CEOs, Brad Garlinghouse and Chris Larsen, are now both billionaires due to the success of Ripple.

Mr. Larsen is a co-founder of the company and former CEO.

He resigned from his position in 2016 but continues to serve as the company’s Executive Chairman. He has a personal stake of 5.19 billion Ripples, which gives him a 17 percent stake in the company.

His holdings are now worth $37.3 billion, earning him the 15th place on the list of richest Americans.

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