Ripple is a tech company based in San Francisco that is focused on making it quicker, easier and more affordable for financial institutions to send payments around the world. Its main goal is to create a global payment network that allows for more efficient payments. The Ripple patented payment network is called RippleNet which is designed to connect payment providers, banks and digital exchanges around the world by providing an independent payment infrastructure.
XRP is the native digital currency of RippleNet, which facilitates quick cross border transfers and payments without the interference of central banks or other financial institutions. It also acts as a bridge between hard-to-match fiat currencies. XRP transactions can be processed in under 4 seconds, which is considerably faster than the transactions time associated with international bank transfers.
Ripple created its own open-source distributed consensus ledger, the XRP ledger (XRPL) which is used for processing and validating network transactions which are publicly recorded on the ledger. Unlike Bitcoin, XRP is not completely decentralised as it is owned and operated by a private company (Ripple). You can buy XRP (Ripple) from the New Zealand Crypto Exchange, Swyftx.
To trade XRP in New Zealand, you will have to use a registered Cryptocurrency Exchange like Swyftx. XRP trading is quick and easy on Swyftx. The first step is to sign up for a cryptocurrency trading account and then verify your identity by confirming your phone number, email and ID. Once your account is verified, you can deposit NZD via a number of payment methods including bank account transfer, POLI, PayID or credit/debit card. Simply select the amount of Ripple you are wanting to purchase and click ‘buy XRP.’ Once you buy XRP in New Zealand, it will become immediately available in your wallet where you can hold or sell when the price is right for you.
Yes, Swyftx allows you to make deposits with a debit and credit card. Once you’ve created an account, navigate to the ‘deposit NZD’ page to add funds to your account. Deposits are usually received within a minute, however, this can differ depending on who you bank with. Once your funds have been successfully deposited, you can buy XRP and other digital assets. Alternatively, if you would prefer another payment method, Swyftx also supports deposits made via bank transfer, POLi and PayID.
When you buy Ripple (XRP) on the Swyftx exchange, it will be automatically stored in the wallet that is integrated with your account. A crypto wallet allows you to send, receive and store your digital assets in a safe place. Alternatively, you can withdraw your XRP and transfer it to an external wallet like a hardware wallet or a mobile wallet.
No. XRP cannot be controlled by any single entity. The price is determined by supply and demand like other cryptocurrencies. Ripple itself, however, does own 60 Billion XRP.
There are a number of ways you can buy and sell Ripple (XRP). Generally, buying XRP and other cryptocurrencies on a crypto exchange is considered the easiest option. Swyftx is a NZ trading platform and exchange that is affordable and easy to use. If you’re having trouble with your account, our customer service can assist via our online live chat.
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