thecryptobasic.com
Prospective crypto payment solution Surfy has integrated $XRP into its payment options, allowing users to buy and sell real-world assets using the $XRP Ledger native token.
The $XRP Ledger ecosystem has taken another giant leap with the integration of Surfy, boosting the network’s utility. The Korean-based payment solution added $XRP to the list of payment options that users could leverage to purchase items from its registered merchants.
Paying for Coffee With $XRP
The $XRP Ledger showed its payment prowess in a closed beta test in Gangnam District of Seoul during the Korea Blockchain Week (KBW) earlier in September. The Surfy team launched a test version of its payment solution in Cafe Valer, a coffee shop in the region, allowing users to make payments using $XRP.
The Surfy payment debut recorded success as users were able to pay for their coffees in a fast and seamless manner. The breakthrough emphasized the ease at which payments could be made using $XRP.
Although Surfy’s payment platform is still in its testing phase, it has gained traction among cafes in Korea. Like most payment solutions, Surfy provides registered merchants with a quick response (QR) code that users can scan to remit funds in $XRP to the shop owner.
However, Surfy’s founder and CEO, Jongheon Sung, stated in a section at the $XRP Ledger Zone during the September 4 KBW that the payment solution has distinguished itself by integrating peer-to-peer (P2P) payment options without any connection with traditional payment networks.
Scalable XRPL Ecosystem
Sung stated that the Surfy team chose to build on the $XRP Ledger due to the network’s profound scalability. The network’s scalability capacity means it has a throughput of about 3,400 transactions per second (TPS) and settles transactions in 3-5 seconds.
The XRPL’s excellence in low-cost and swift payments has been the essence behind Ripple’s use of the network for cross-border settlement. The XRPL’s unique transactional acumen comes from its use of the Ripple Protocol Consensus Algorithm (RPCA), an algorithmic consensus that allows validators to confirm transactions in real-time.
Notably, the XRPL network is taking on new forms to enhance its scalability and utility. Ripple announced earlier in the month that it was introducing a new token standard to the blockchain to amplify its support for real-world assets (RWAs). The imminent launch of the RLUSD stablecoin has also been tipped to boost institutional adoption of the XRPL ecosystem.