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Ripple (XRP),the third most widely used crypto-asset behind bitcoin and Ethereum,has gotten the attention of theworldsbiggest economyfor moneyremittance.

Ripple(XRP)iscurrently tradingat $0.2025 with a market capitalization of about$8.9 billionand a daily trading volume of $1.96 billion,according to data obtained fromCoinmarketcap.

Americas Consumer FinancialProtection Bureau has given Ripple approval for its use in cross-border money transfers.

According to a report recently published by Americas Consumer Financial, Protection Bureau has been researching new developments in the remittance market, including trends related to digital currencies.

U.S Consumer Financial Protection Bureau, which plays a major role in protecting Americas consumers in the financial sector, wrote on the continued growth and expanding partnerships of companies such as Ripple.

The report also noted the use of Ripple for settlement ofcross-border money transfers:

The Bureau has continued to monitorthe continued growth and expanding partnerships of virtual currency companies, such as Ripple, which offer both a payment messaging platform to support cross-border money transfers as well as a virtual currency, XRP, which can be used to effect a settlement of those transfers.

[Read Also: Ethereum, second most valuable cryptocurrency, surges over 88% since March]

Ripple (XRP)plays both roles as a payment platform and a currency.

The Ripple platform is an open-source platform that is created to allow quick and cheap transactions.

Unlike its crypto rival, Bitcoin, which was never intended to be a simple payment system, Ripple has gained the attention of major global banks, like Standard Chartered, and Barclays for international transactions worldwide.

Interestingly, the U.S Consumer Financial Protection Bureauseemsto love Ripple for bringing simplicity and opennesstothe financial industry:

To the degree banks and credit unions increase their reliance on closed network payment systems for sending remittance transfers and other cross-border money transfers, the Bureau notes that this could result in greater standardization and ease by which sending institutions can know exact covered third-party fees and exchange rates.

The Bureau also believes that expanded adoption of SWIFTs GPI product or Ripples suite of products could similarly allow banks and credit unions to know the exact final amount that recipients of remittance transfers will receive before they are sent.

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Ripple, third most valuable cryptocurrency, gets approval from the US for money transfers - Nairametrics