Launched with a mission to transform the international payments industry, Ripple offers a real-time settlement network for fast and affordable cross-border transactions. XRP, Ripple’s native currency, is used to facilitate transactions on Ripple’s global network.
However, Ripple isn’t the only cryptocurrency project looking to make waves in the world of international payments, so let’s take a look at three leading Ripple alternatives.
Disclaimer: This page is not financial advice or an endorsement of digital assets, providers or services. Digital assets are volatile and risky, and past performance is no guarantee of future results. Potential regulations or policies can affect their availability and services provided. Talk with a financial professional before making a decision. Finder or the author may own cryptocurrency discussed on this page.
If you’ve spent any time at all analyzing the strengths and weaknesses of Ripple, you’ll no doubt have come across comparisons between Ripple and Stellar – and with good reason. Programmer Jed McCaleb played a key role in Ripple’s development, and after he left the company following a difference of opinion, he moved on to co-found Stellar.
Similar to Ripple, Stellar also offers a distributed payments network designed to provide fast and cheap cross-border payments. By connecting banks, payment systems and people, and through the use of its lumens currency, Stellar allows international payments that can be processed within two to five seconds, with fees of 1/600,000th of a cent per transaction. There are other features to the Stellar network as well, including an ICO platform and a decentralized exchange.
Though they’re often listed as competitors, Ripple and Stellar have so far concentrated their efforts in different areas – Ripple on joining forces with major banks and financial institutions and Stellar on providing low-cost financial services to people in the developing world. However, it remains to be seen which project has adopted the more successful approach.
With a mission to “unbank the banked”, OmiseGO offers a peer-to-peer platform where users can quickly and securely exchange fiat and cryptocurrencies. Built on Ethereum, OmiseGO is developing a currency-agnostic decentralized exchange network capable of interacting with blockchains (eg bitcoin or Litecoin) through clearinghouses in state channels or smart contracts, as well as with digital fiat platforms through the use of collateralized fiat tokens.
OmiseGO also offers an e-wallet software development kit which is free to use and allows digital wallet providers to connect to the public OMG network so that their users can transact any digital assets.
The end goal is to overcome coordination difficulties amongst payment processors, gateways and financial institutions, providing a value transfer service that operates across currencies, asset types and national borders. Although OmiseGO is focused on the southeast Asian market, its network is designed to allow anyone to conduct real-time, peer-to-peer financial transactions, including everything from payments and remittances to B2B commerce and supply-chain finance.
If you’re searching for a cryptocurrency with similarities to Ripple, it’s well worth a closer look.
Our third alternative to Ripple is something a little different. Unlike Ripple and its focus on banks and major financial institutions, Nano (NANO) is designed purely as a peer-to-peer digital currency.
Originally known as RaiBlocks, Nano offers instant, zero-fee transactions and is designed to be infinitely scalable. Launched in 2017, this innovative crypto combines blockchain with directed acyclic graph technology (DAG) in a unique “block-lattice” infrastructure. DAG systems see individual transactions directly linked to one another, offering improved scalability compared to blockchain-based systems.
In short, Nano is a payment currency and nothing more. It aims to become a viable alternative to fiat currency for everyday transactions, offering fast and cheap peer-to-peer payments all over the world.
This means it’s being developed with quite a different focus to XRP and can’t boast anything like the level of financial support or the impressive range of corporate partnerships that Ripple can. However, Nano’s features make it a viable choice for individuals and merchants, so it’s a coin worth watching closely in the months and years ahead.
This is just a small selection of exchanges like Ripple. To find more coins and tokens with similar features and functions to XRP, check out our comprehensive guide to altcoins.
Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly
volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of
future performance. Consider your own circumstances, and obtain your own advice, before relying on this information.
You should also verify the nature of any product or service (including its legal status and relevant regulatory
requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may
have holdings in the cryptocurrencies discussed.
Disclosure: At the time of this writing, the author holds ADA, ICX, IOTA and XLM.
Whether products shown are available to you is subject to individual provider sole approval and discretion in accordance with the eligibility criteria and T&Cs on the provider website.
Tim Falk is a freelance writer for Finder. Over the course of his 15-year writing career, he has reported on a wide range of personal finance topics. Whether you're investing in stocks and ETFs, comparing savings accounts or choosing a credit card, Tim wants to make it easier for you to understand. When he’s not staring at his computer, you can usually find him exploring the great outdoors. See full bio
How likely would you be to recommend Finder to a friend or colleague?
0
1
2
3
4
5
6
7
8
9
10
Very UnlikelyExtremely Likely
Required
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
Advertiser Disclosure
Finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which Finder receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. Finder compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
If you’ve spent any time at all analyzing the strengths and weaknesses of Ripple, you’ll no doubt have come across comparisons between Ripple and Stellar – and with good reason. Programmer Jed McCaleb played a key role in Ripple’s development, and after he left the company following a difference of opinion, he moved on to co-found Stellar.
With a mission to “unbank the banked”, OmiseGO offers a peer-to-peer platform where users can quickly and securely exchange fiat and cryptocurrencies. Built on Ethereum, OmiseGO is developing a currency-agnostic decentralized exchange network capable of interacting with blockchains (eg bitcoin or Litecoin) through clearinghouses in state channels or smart contracts, as well as with digital fiat platforms through the use of collateralized fiat tokens.
Our third alternative to Ripple is something a little different. Unlike Ripple and its focus on banks and major financial institutions, Nano (NANO) is designed purely as a peer-to-peer digital currency.
