The goal of Ripple’s XRP has been to increase its utility, and the network has acted accordingly.
Below, we will dive deep into this story, so scroll down to read more!
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XRP’s Growing Utility in Precious Metals Market
Suisse Gold’s Integration of the Coin
Suisse Gold appears to be contributing to this growth. It is the most recent company to use XRP as payment after declaring that its customers can now use the altcoin to buy gold and other precious metals.
The firm will display the price of the select precious metal in XRP through this. The release states that the price is dynamic and adjusts in real-time in response to changes in the market values of XRP and gold.
Other Cryptocurrencies Accepted by Suisse Gold
It should be noted that XRP isn’t the first cryptocurrency on Suisse Gold’s list. The firm has already integrated assets like Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH).
Customers can purchase metals like gold, silver, platinum, palladium, and rhodium with these cryptocurrencies.
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Benefits of Using XRP for Precious Metals
Further elaborating on the integration of XRP as a payment method, Suisse Gold wrote,
“There are a number of benefits to using XRP to purchase precious metals. It is one of the most established and renowned altcoins on the market today, and its integrated and immediate payment system is used not just by cryptocurrency enthusiasts but also by a number of large banks. Its backing by large financial institutions allows the currency to potentially be more scalable than other altcoins. The currency is also well capitalized.”
The firm also acknowledged the network’s quick and seamless transaction rate. Additionally, Suisse Gold discussed how foreign exchange fees would be much higher than payments processed through the XRP network.
How is Ripple’s Coin Faring Right Now?
The cryptocurrency industry has been experiencing increased volatility. Several assets failed to garner profits.
But one asset stood out after starting off the week with an array of green candles. Ripple’s XRP further rose by over 2% over the past 24 hours.
Also Read: Ripple: XRP’s Recent Slide May Have Created a Path to $1
At press time, the altcoin was trading at $0.5815, trying to reach the $0.60 level.