Ripple becomes second most valuable crypto-coin (BBC)

Ripple becomes second most valuable crypto-coin
2 January 2018

A crypto-currency called Ripple has become the second most valuable virtual cash system.

Over the weekend the value of the digital currency hit more than $100bn (£74bn) according to some market monitors.

This valuation is higher than the other popular crypto-cash system - Ethereum.

Each Ripple coin, called an XRP, is now worth about $2.34 - far higher than the half a US cent they were worth a year ago.

Bitcoin still remains the most valuable crypto-currency. The value of the 16.8 million bitcoins in circulation is now worth a nominal $231bn. Each bitcoin has a value of about $13,580.

Bank payment
Ripple has sought to establish itself as a safe alternative to other crypto-currencies by emphasising its links to existing financial institutions.

Ripple was set up to help banks speed up and modernise how they pay each other. So far, about 100 banks have signed up to use its payments system. Bank of America and UBS are among its customers.
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