Gemini, a well-known cryptocurrency exchange, has announced its latest support for XRP Ledger (XRP), a significant addition to the platform’s constantly growing list of compatible blockchain networks. This is exciting news.
Traders and enthusiasts now have the opportunity to take part in XRP trading through Gemini’s ActiveTrader and API/FIX applications, which feature US Dollar trading pairs with XRP. It doesn’t stop there – Gemini Mobile App and website also make it possible for users to trade XRP against several major fiat currencies like CAD, AUD, GBP, HKD, SGD, and EUR. This decision to incorporate the Ripple Ledger is in harmony with Gemini’s main goal: paving the way for a new era of financial freedom, creative inventiveness as well as personal independence.
An in-depth analysis of XRP Ledger reveals that it is an open-source cryptographic ledger supported by a decentralized network of nodes run by Ripple, whose native cryptocurrency, XRP, drives the ecosystem, with XRP serving a crucial role as a bridge currency, Ripple, a pioneering organization that uses it to power its cryptocurrency-focused solutions, champions the cause of accelerating cross-border transactions and remittances. Financial institutions can quickly exchange value between various fiat currencies thanks to this.
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Contrary to traditional Proof-of-Work (PoW) blockchains like Bitcoin, XRP Ledger’s architecture is notably unique. To record and authenticate transactions on the ledger, it uses a unique consensus protocol that depends on a large number of validators. The Ripple Protocol Consensus Algorithm (RCPA), a novel mechanism, maintains the ledger’s integrity through a group of reliable nodes. A supermajority of these nodes must agree in order to reach a consensus and claim a position on the XRP Ledger. Ripple allows anyone to participate as a validator while also maintaining a designated list of trustworthy validators known as the Unique Node List (UNL).
With the addition of XRP Ledger, Gemini exchange support has expanded significantly, bringing its compatibility with a staggering total of 13 blockchain networks. A handful of widely-recognized cryptocurrencies, such as Ethereum (ETH), Cosmos (ATOM), Bitcoin (BTC), Filecoin (FIL), Solana (SOL), Dogecoin (DOGE), Polkadot (DOT), Litecoin (LTC) Tezos(XTZ), Avalanche(AVAX), Zcash(ZEC) and Bitcoin Cash(BCH).make up this impressive selection.
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This planned growth of the Gemini platform is in line with their pledge to make cryptocurrency trading more inclusive and versatile. Accepting XRP Ledger further reinforces Gemini’s mission of giving traders, investors, and developers all over the world access to digital assets, taking one step closer to unlocking the potential that blockchain technology brings.
