In a recent Ripple advertisement, the company demonstrated how slow and frustrating it could be to move money in this digital age. According to the Ripple ad, the current banking infrastructure is outdated. In fact, it relayed that the way out of the problem was for banks to move cash with airplanes. Indeed, the company didn’t stop the mockery there.
It’s faster to get on a plane and fly money across borders than it is to send it as a digital payment. @Ripple is changing that. Learn more: https://t.co/fWuGHcp3Tu pic.twitter.com/RAxEks9qxv
— Ripple (@Ripple) October 30, 2018
Ripple reiterated through its Twitter handle that it is faster for banks to use airplanes to move cash for cross-border payments. However, Ripple noted on the Tuesday Tweet that it was about to change the status quo for good, with the XRP Text platform.
How Does Ripple Plan to Change It?
Ripple has launched a new platform that will enable users to send and receive digital assets via text messages. In fact, XRP is about to change the cryptocurrency space for good with this innovative technology. In summary, the XRP community can send and receive XRP via their mobile phones. Moreover, the platform called “XRP Text”allows users to do that by using a personal e-wallet. However, the most interesting part of this innovative technology is that it doesn’t matter if the recipient has ever used it before, as it works for everyone. Secondly, the platform doesn’t require users to register before they start sending and receiving XRP without friction.
How XRP Text Works
According to the platform, users can send commands by sending normal text messages from their mobile phone numbers to XRP Text bot numbers. In particular, the company gave the numbers as +3197004499330 or +16502977977. By sending the text message to the bot, a user can withdraw, send or deposit funds to the recipient’s phone. Interestingly, when sending the text message, both the sender and receiver will receive a text message, allowing people who haven’t used the service before to receive XRP Text.
Simplifying the Process
To send, simply text the amount to the beneficiary’s mobile number. If the sender doesn’t enter the receiver’s country code, the sender’s country code will appear automatically. It is important to note that the sender can add a currency, such as EUR/USD, and the Bitstamp rate will auto-convert the current exchange rate of XRP.
To deposit, the depositor will need to fund his/her XRP Text account when the system automatically sends a personal identification tag and destination wallet address to him/her.
Similarly, users can also withdraw their XRP funds to their wallet. This is possible by sending a withdraw amount to the wallet. Immediately, the platform will process that transaction.
Regarding the transaction fees, they range from $0.01 USD to $0.09 USD depending on the country where the user is.
Here is a short video of the process:
Instant text massage system by XRP pic.twitter.com/z2aLqb44XQ
— XRP VETERAN ✖️ (@XRP_VETERAN) October 29, 2018
Risk Disclosure
This article should not be taken as, and is not intended to provide, investment advice. Users are ultimately responsible for the investment decisions he/she/it makes based on this information. It is your responsibility to review, analyze and verify any content/information before relying on them. Trading is a highly risky activity. Do consult your financial adviser before making any decision. Please conduct your thorough research before investing in any cryptocurrency and read our full disclaimer.
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