- Suisse Gold now accepts XRP to purchase gold and other precious metals.
- The integration includes real-time pricing of metals in XRP, reflecting market changes.
Suisse Gold has integrated XRP as a payment option, allowing customers to purchase a range of precious metals, including gold, silver, platinum, palladium, and rhodium, using the XRPL native token. This move marks a significant milestone for XRP, enhancing its utility beyond traditional financial transactions.
XRP Integration Enables Real-Time Pricing for Metals
The integration also gives XRP a real-time price for precious metals. The prices displayed will change based on the variation in the value of gold and XRP, thus providing customers with real-time transaction rates.
With this move, Suisse Gold has joined a rather exclusive list of cryptocurrencies that the dealer accepts, these being Ethereum, Litecoin, and Bitcoin Cash. This further enhances the use of XRP in transactions and shows its continued adoption, especially by companies that are into trade and finance.
The integration of XRP by Suisse Gold points to a trend of incorporating cryptocurrencies into conventional financial systems. This is in line with the increasing demand from banks and multinational corporations to use digital currencies for safe and fast transactions.
Ripple aims to provide a secure, efficient, and cheap means of transferring money across borders. This is particularly the case as more and more companies are starting to understand the advantages of using the blockchain-supported currencies that Ripple envisions. One of the advantages of XRP over other cryptocurrencies like Bitcoin and Ethereum is that it is fast, cheap, and efficient in processing transactions.
Institutional Adoption Boosts XRP’s Market Position
The addition of XRP by Suisse Gold also enhances the value of XRP as a transactional asset. After the culmination of the Ripple vs. SEC legal battle, the institutional adoption of the XRP picked up significantly. This is due to the increasing adoption of XRP and its use in cross-border payments.
Recent data indicates that more than 1700 businesses now support XRP for trade settlements, marking the token’s growing presence in the crypto market. For instance, Web3 Enabler started accepting XRP as a payment method in July, which is evidence that institutional entities are using the token.
The adoption of the XRP comes at a time when global financial conversations are beginning to shift toward the consideration of other models. Brazil, Russia, India, China, and South Africa are considering developing new payment systems to avoid the use of SWIFT. The increased adoption of XRP by institutional investors may continue to boost the bull sentiment in the cryptocurrency. At the time of writing, XRP is at $0. 578, which is 2.24% higher than the previous day.
As highlighted in our previous article, Japan’s Central Bank has announced that by 2025, all banks in the country will adopt XRP for transactions. This initiative facilitates transactions and embraces a cash-back reward system. Those who make payments with XRP will be given CTF tokens, which can be used to purchase goods or be converted to fiat currency, thus giving the users cashback. The CTF tokens of the XRP Ledger System are anticipated to appreciate in value because they are scarce, and more people are demanding them.
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