XRP Ledger (XRPL), developed by Ripple to manage cross-border payments and Central Bank Digital Currencies (CBDCs), is a distributed payment network based on Cobalt BFT and the Ripple Protocol Consensus Algorithm. The development process, which began in 2011, was advanced by Jed McCaleb, Arthur Britto, David Schwartz, and Chris Larsen, leading to the creation of XRPL in 2012 and the establishment of Ripple Labs. Ripple has continued to innovate while facing regulatory challenges, developing specialized payment solutions for financial institutions using XRPL. In this article, you can find answers to two frequently asked questions: what is Ripple (XRP), and how to buy Ripple (XRP) with TRY.
What is Ripple (XRP)?
XRP Ledger (XRPL), developed by Ripple to facilitate cross-border payments and manage Central Bank Digital Currencies (CBDCs), is a distributed, peer-to-peer payment network. The XRP coin serves as the main network asset. Unlike most blockchains that use Proof of Work (PoW) or Proof of Stake (PoS) consensus mechanisms, XRPL relies on the Cobalt Byzantine-Fault Tolerant (BFT) management framework and the Ripple Protocol Consensus Algorithm.
The foundation of XRPL was laid in 2011 when Jed McCaleb began developing a new consensus network for cryptocurrencies. In 2012, he collaborated with Ryan Fugger, the founder of the peer-to-peer debt relationship payment network RipplePay, to advance this concept. This led to the rebranding of the project as Ripple and the creation of XRPL in 2012 with the help of Arthur Britto and David Schwartz.
Following the launch of XRPL, McCaleb, Britto, and Chris Larsen founded NewCoin, later renamed OpenCoin and finally Ripple Labs. Ripple was gifted 80 billion XRP (80% of the initial coin supply). McCaleb left Ripple in 2013 to establish Stellar. Ripple then focused on enabling financial institutions to use XRPL for remittance transactions.
In 2015, Ripple was fined by FinCEN for violating the Bank Secrecy Act (BSA) and subsequently improved its anti-money laundering efforts, obtaining a BitLicense from New York in 2016. In 2017, Ripple locked 55 billion XRP (55% of the initial coin supply) in escrow contracts, releasing 1 billion XRP monthly for company use.
Ripple has developed various specialized payment solutions for institutional clients alongside the public XRPL. One notable solution is Ripple Payments, which includes an “On-Demand Liquidity” service using XRP as a bridge currency to facilitate international money transfers without the need to pre-fund foreign accounts. This service also includes a messaging system for transaction communication.
In December 2020, the SEC sued Ripple for violating securities laws through its XRP sales. This action led to exchanges suspending or delisting XRP trading and MoneyGram ending its partnership with Ripple. In July 2023, a summary judgment from the U.S. District Court for the Southern District of New York clarified XRP’s regulatory status by declaring it not inherently a security.
Ripple continues to innovate with the release of a specialized XRPL for CBDCs, accepted by the Royal Monetary Authority of Bhutan and other governments for pilot programs. Additionally, an EVM-compatible XRPL sidechain is under development and expected to be deployed on the main network in the future.
In April 2023, Ripple introduced the Ripple Liquidity Hub, a platform for institutions to manage digital assets and enable crypto payments. The XLS-30d Standard Proposal, integrated in September 2023, enhances Automated Market Maker (AMM) functions on XRPL. Finally, Ripple announced the Ripple Payments settlement platform in November 2023 and the latest XRPL client version v2.0.0 in January 2024, which includes support for sidechain bridges and decentralized identifiers.
How to Buy Ripple (XRP) with TRY?
Binance TR is the most suitable cryptocurrency exchange for investors in Turkey looking to buy Ripple (XRP). On Binance TR, where an account can be quickly created, over 100 cryptocurrencies, including XRP, can be traded. Follow these steps to buy Ripple (XRP) with TRY on Binance TR.
How to Open an Account on Binance TR?
Opening an account on Binance TR is quite easy. For this, you need to go to trbinance.com and proceed from the “Create Account” step. In the first step of creating an account, you will be asked to enter basic information such as your email address, phone number, name-surname, date of birth, nationality, and Turkish ID number.
After entering the requested information completely and accurately, email/SMS verification will be done to confirm the information. After completing this process, you will proceed to the second step, identity verification (KYC).
How to Verify Your Account on Binance TR?
Identity verification on Binance TR is one of the security procedures that must be completed before starting cryptocurrency trading and during account creation. This process is also necessary to protect both the user and the cryptocurrency exchange. You can perform the verification process from your phone or through the official Binance TR website. Note that you will need your mobile phone to verify your identity on the website.
On the Binance TR website, hover over the “Profile” option at the top right, click on “Identity Verification and Limits” from the drop-down menu, and then click on “Verify.” After this step, you will need to scan the QR code that appears with your phone’s camera and continue the process on your phone. If you cannot scan the QR code, click on “Copy URL” to have the identity verification address sent to your phone via SMS.
When you enter the address on your phone or scan the QR code, a screen like the one below will open on your phone. From here, continue by tapping on the “Identity” option first.
Then a screen like the one below will appear. To continue with the verification process, first select the document type that suits you.
After selecting the document type, continue by tapping on “Upload Front Side.” After taking a photo of the front side of the document you selected, tap on “Upload Back Side” and take a photo of the back side of the document. Make sure the images are clear and the information in the photos you take is easily readable when taking photos of the front and back sides of your ID card or driver’s license.
Then continue by tapping on the “Selfie” option. At this point, your phone’s front camera will open, and you will need to scan your face. Once the camera opens, make sure your face fills the camera area as much as possible.
After completing all these steps completely and accurately, your identity verification process will be completed shortly.
How to Deposit TRY on Binance TR?
You can easily deposit TRY into your Binance TR account from all banks. You can deposit and trade 24/7 from your Vakıfbank, Ziraat Bankası, İş Bankası, Akbank, Fibabanka, Şekerbank, and Türkiye Finans accounts. Deposits from other banks can be made 24/7 with FAST up to 50,000 TRY. Deposits over 50,000 TRY from other banks are processed during EFT hours.
To deposit money into your Binance TR account, first go to trbinance.com, hover over the “Wallet” option at the top left of the homepage, and click on “Deposit” from the drop-down menu.
Then a page like the one below will open, and you can continue the deposit process by selecting your preferred bank. If your preferred bank is not yet integrated with Binance TR, you should continue by clicking on the “Other Banks” option.
In this example, we will continue using Vakıfbank, but the process is the same for all other banks. When you click on the Vakıfbank option, you will see an account name and IBAN address where you can make a transfer, EFT, or FAST. All you need to do now is use the information shown on the page of your preferred bank to transfer the amount you want to deposit into your Binance TR account via transfer, EFT, or FAST.
After your bank completes the transfer process, the funds you sent will be automatically reflected in your wallet on your Binance TR account.
How to Buy XRP Coin with TRY on Binance TR?
After the deposit process, you can proceed to the TL to XRP coin purchase step by clicking on the “Buy-Sell” option in the top left menu of the Binance TR website.
After clicking on this option, the page below will open. In the search section on the right side of this page, type “XRP” and click on the XRP/TRY option from the results to go to the TL to XRP purchase page.
Now the XRP trading page below will open. In this page, you need to enter the price at which you want to buy XRP in the first box marked with a red box and the number of XRP you want to buy in the second box. After entering the amount, you can complete your purchase by clicking the “Buy XRP” button.
What is Binance TR?
Binance, the world’s largest cryptocurrency exchange by trading volume, officially launched its platform Binance TR for cryptocurrency investors in Turkey in 2020. The cryptocurrency exchange, headquartered in Istanbul, can be accessed at trbinance.com.
Binance TR leverages Binance’s technology, security measures, and liquidity provided through the Binance Cloud infrastructure to offer both fiat-to-crypto and crypto-to-crypto trading services. Users in Turkey can seamlessly deposit and withdraw Turkish lira (TRY) directly through bank channels and trade various cryptocurrencies with TRY pairs via Binance TR.
Users gain access to market-leading spot trading liquidity, a robust matching engine, advanced security protocols, custody solutions, and risk controls, all supported by Binance’s core functionalities through Binance TR.
