Ripple is currently the third largest cryptocurrency, with a market cap of a whopping $20 billion. Currently trading at $0.535, XRP is slowly gaining traction outside of the blockchain sector. Apart from being an investment vessel, Ripple is being utilised as a ledger service, due to the blockchain technology it runs on. Banks and large payment processing companies are using Ripple to facilitate cross-border payments.
This month will see Ripple launch a new gateway for payments and goods processing. BPG group is set to unveil ‘eMetals’, as said in their latest tweet:
“Use the #Ripple network to buy, spend and trade #Gold, #Silver, #Platinum, #Palladium and #Rhodium (XAU, XAG, XPT, XPD and XRH). For more information please visit eMetals platform”
BPG group are heavyweights in the metal refinery industry and use efficient methods to reuse scrap metal from across Europe. BPG recycle and refine metals, manage funds their company also allows trading. The Vienne Stock Exchange is where BPG stocks get traded and users can buy physical metal and digital gold using Ripple through the company.
Now, BPG are on track to release their new payment system utilising the Ripple framework. After extensive market research, BPG have decided to make the decision to digitalise physical metals. The potential of digital metals is significant and Ripple may be the deciding factor to the platforms success.
The company offers the a brand new way to invest and trade in physical metals, this is by using the London clearings system. The platform will work similarly to a stock trading service.
On the platform, Ripple will be used to buy Gold, Silver Platinum, Rhodium and Palladium all times throughout the day. May 1st 2018 will mark the first day of trading on the BPG platform, the initial release of the platform will be updated like most trading platforms for security reasons.
Once the platform goes live, the Ripple token price is expected to increase. The western union app along with many central banks are using the ledger function that Ripple offers to allow fast, secure payments in a high volume.