Simex crypto asset exchange platform announced yesterday that it had launched Ripple (XRP) crypto-asset against Ethereum (ETH), Bitcoin (BTC), and Tether (USDT).
As a Russian crypto asset exchange platform and an equity investment network that is registered in the US, the Simex exchange platform supports trading in Ethereum, Bitcoin, a sundry of ERC-20 tokens, and now Ripple (XRP). The Simex crypto exchange platform also supports fiat currencies such as the US dollar and the Russian ruble (RUB).
The crypto exchange platform is credited with offering start-up businesses and small companies clear, open, and transparent opportunities to fundraise funds from investors. Also, the Simex exchange platform avails secondary market that gives liquidity to the initial investors.
On the other hand, the Ripple (XRP) as a virtual payment network and as a cryptocurrency is a platform that connects banks, payment providers, and financial institutions. Ripple allows frictionless experiences in the safe transfer of money globally.
A Brief Description of Ripple’s XRP
XRP is a virtual token or coin that is used to represent the transfer of monetary worth across the Ripple Network. As a cryptocurrency, XRP acts as a mediator for both crypto and fiat exchanges. Co-founded by Jeb McCaleb and Chris Larsen, Ripple XRP was first released in 2012.
Unlike other virtual currencies like Ethereum and Bitcoin, Ripple does not have a blockchain platform. Contrary to what many assume, Ripple does not have a blockchain platform attached to its technology; instead, it has a patented technology that is known as the Ripple protocol consensus algorithm (RPCA). The term consensus in the name indicates that if every node is in agreement with others, no issues are experienced in the transfer of funds from point A to point B.
Imagine, it is in the ancient times where one hundred wise men represent a whole kingdom. For the Kingdom to undertake any significant activity, all the 100 wise men need to agree. If everybody agrees, they can go ahead and start or end a war, hike taxes, change the law and all manner of exciting things. But if one wise man refuses to agree, nothing will move until his issues are resolved.
Although the Ripple platform is more complicated than this example, the illustration demonstrates the basics of how the Ripple protocol works. Trust is a significant component of the workings of the Ripple Network.
Simex Crypto Exchange Platform
As an exchange platform, Simex provides users with the opportunity to create their virtual assets through the platform’s web terminal interface.
Within SIMEX you can easily transfer any asset to other users by ID, phone number or via E-mail, with minimum commissions around the world.https://t.co/Q2ndNMSS2u pic.twitter.com/c2EJoMcQjh
— 𝗕𝗮𝗻𝗸XRP (@BankXRP) August 14, 2019
According to Simex, the creation of virtual tokens does not necessitate special skills in programming and blockchain technologies.
According to a senior Simex representative:
“The verification and recording of a smart contract in Ethereum’s blockchain, for instance, happens automatically after the approval of the information initiated by the user. Therefore, anyone on planet Earth can create their token and get rid of it at their discretion after they have registered as users in the Simex website.”
As per the management of Simex, this attribute is specifically useful for companies who wish to release their tokens. Upon releasing the release token order, the company’s order is then automatically positioned in the Simex listing.
A senior Simex representative said,
“As it stands right now, Simex can cease to be categorised as an ordinary virtual wallet. At present, Simex is a multiplatform that allows numerous fintech and blockchain operations to take place on its platform.”
Apart from its multiplatform status, the Simex platform supports the transfer of fiat currencies (US dollar and the Russian ruble) on its network, making it easy for users to buy virtual assets using cash and cash out using cryptocurrencies.
Also, the latest digital asset exchange platform that listed XRP, Simex supports many payment methods that include credit cards in its operations. Fiat currencies can be deposited to and withdrawn from the Simex platform using Webmoney, credit/debit cards, Yandex, and bank wire transfers. It is worth noting that these transactions attract charges.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.
Never miss our daily cryptocurrency news, price analysis, tips, and stories. Join us on Telegram | Twitter or subscribe to our weekly Newsletter.