Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.
Compare Ripple alternatives: 3 top competitors
Your guide to three leading Ripple alternatives and how they compare to XRP.
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.
Skip ahead: What do you want to know?
Or skip ahead to your coin of choice:
At a glance: 3 Ripple alternatives
An in-depth look into 3 Ripple alternatives
1. Stellar lumens (XLM)
If you’ve spent any time at all analysing 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 decentralised 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.
Where to buy Stellar
2. OmiseGO (OMG)
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 decentralised exchange network capable of interacting with blockchains (e.g. bitcoin or Litecoin) through clearinghouses in state channels or smart contracts, as well as with digital fiat platforms through the use of collateralised 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.
Where to buy OmiseGO
3. Nano (NANO)
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 do make it a viable choice for individuals and merchants, so it’s a coin worth watching closely in the months and years ahead.
Where to buy Nano
Looking for more Ripple alternatives?
This is just a small selection of cryptocurrencies like Ripple. To find more coins and tokens with similar features and functions to Ripple, check out our comprehensive guide to altcoins.
Disclosure: At time of writing the author holds ADA, ICX, IOTA and XLM.
More guides on Finder
IDEX cryptocurrency exchange review
If you’re looking for a secure, decentralised exchange where you can trade a huge range of Ethereum ERC20 tokens, check out our review of IDEX.
Compare Stellar Lumens alternatives: Three top competitors
If you’re searching for cryptocurrencies like Stellar Lumens (XLM), check out three leading alternatives in this handy guide.
DDEX cryptocurrency exchange – May 2021 review
If you want to know more about the features, fees and pros and cons of the DDEX cryptocurrency exchange, check out this comprehensive review.
Compare bitcoin alternatives: 10 top competitors
If you’re looking for bitcoin alternatives, check out this beginner’s guide to 10 leading cryptocurrencies like bitcoin.
Bitcoin vs Litecoin: How are BTC and LTC different?
What’s the difference between bitcoin (BTC) and Litecoin (LTC)? Find out in this comprehensive guide.
Coinbase: Alternative exchanges and sites to consider
If you’re looking for a crypto exchange that lets you buy digital coins and tokens with fiat currency, check out our guide to these leading Coinbase alternatives.
Ripple (XRP) price prediction 2021
Your guide to what to expect for the price of Ripple (XRP) in the weeks and months ahead.
Stellarport cryptocurrency exchange – review
Thinking about buying or selling cryptocurrency through Stellarport? Check out our must-read guide.
How to buy, sell and trade OmiseGO (OMG) in Singapore
OmiseGO aims to build a platform for real-time payment exchange. Learn how to buy its OMG cryptocurrency using this guide.
Stellar Lumens (XLM) price prediction 2021
What does the future hold for the price of Stellar Lumens? Find out in this comprehensive guide to the factors that affect the value of XLM.