Digital asset firm Gemini is pleased to announce support for XRP Ledger (XRP), adding a new blockchain to Gemini’s growing list of supported networks.
XRP is now “available for trading on our API/FIX and ActiveTrader applications for USD trading pairs, and on the Gemini Mobile App and website for USD, GBP, EUR, CAD, SGD, HKD, and AUD pairs.”
According to Gemini, adding XRP Ledger to thei list of supported crypto networks is an important step on their mission “to unlock the next era of financial, creative, and personal freedom.”
As mentioned in a blog post, XRP Ledger is “an open-source cryptographic ledger powered by a peer-to-peer network of nodes administered by Ripple, and powered by its native crypto XRP.”
Ripple, which uses XRP “to power its crypto solutions business, has the stated aim of increasing the speed and reducing the cost of cross-border transactions and remittances, with XRP serving as a bridge currency for financial institutions exchanging value between multiple fiat currencies.”
The XRP Ledger was “designed to be fundamentally different from Proof-of-Work (PoW)-based blockchains, like Bitcoin.” Instead, it uses a unique consensus protocol “that depends on a majority of validators to record and verify transactions on the Ledger.”
Known as the Ripple Protocol Consensus Algorithm (RCPA), the XRP Ledger’s integrity is maintained by “a group of trusted nodes.” All transactions must “be agreed by a supermajority of these trusted nodes to achieve consensus and be included on the XRP Ledger.”
Whereas anyone can become a validator, Ripple maintains “a list of trusted validators known as the Unique Node List (UNL).”
With the addition of XRP Ledger, Gemini is now “compatible with 13 blockchain networks, including: Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Litecoin (LTC), Bitcoin Cash (BCH), Polkadot (DOT), Avalanche (AVAX), Cosmos (ATOM), Zcash (ZEC), Filecoin (FIL), Dogecoin (DOGE), and Tezos (XTZ).”
As clarified in the update, XRP can be “stored in Gemini’s exchange wallet but is not yet available in Gemini Custody.”
