Cryptocurrencies are unregulated in the UK. Cryptocurrency profits may be subject to Capital Gains Tax. The value of investments is variable and can go down as well as up.
Ripple was created back in 2012 as a purpose-built international payment protocol.
One of Bitcoin’s greatest strengths is the ability to conduct frictionless and truly global transactions. Ripple Labs took that and made it Ripple’s primary focus.
The Ripple network uses an innovative multi-currency liquidity pool – denominated in the native XRP token – to allow clients to convert significant sums of money from one currency to another instantly and with almost zero fees. The more valuable the XRP in the liquidity pool, the greater the value that can be transferred.
The transactions are verified by a global network of independent nodes using a system known as Proof-of-Correctness, which allows thousands of transactions per second with the same energy intensity as sending an email.
Ripple is a private company that was one of the first to design a blockchain that they owned and had control over. Rather than new XRP being issued over time, the entire 100 billion token supply was minted on day one and is being distributed over time by the company.
While this runs counter to crypto’s vision of decentralised networks with no real owners, private ownership allowed Ripple to develop their tech quickly and build an extensive corporate customer base. It has also led to repeated run-ins with America’s SEC over the question of whether XRP tokens were an illegal security.
CoinJar’s Digital Currency and Exchange Services are operated by CoinJar UK Limited, a private limited company registered in England and Wales (company number 8905988). CoinJar UK Limited is registered in the UK by the Financial Conduct Authority as a Cryptoasset Exchange Provider and Custodian Wallet Provider in the United Kingdom under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, as amended (Firm Reference No. 928767).
Like all investments, cryptoassets carry risk. Due to the potential volatility of the cryptoasset markets, the value of your investments may fall significantly and lead to total loss. Cryptoassets are complex and are unregulated in the UK, and you are unable to access the Financial Service Compensation Scheme or the Financial Ombudsman Service. We use third party banking, safekeeping and payment providers, and the failure of any of these providers could also lead to a loss of your assets. We recommend you obtain financial advice before making a decision to use your credit card to purchase cryptoassets or to invest in cryptoassets. Capital Gains Tax may be payable on profits.
Mastercard® is a registered trademark, and the two circle design is a registered trademark of Mastercard International Incorporated. The CoinJar Card Prepaid Mastercard is issued by EML Money DAC pursuant to licence by Mastercard International Inc. The e-money associated with your card is issued by EML Money DAC, authorised by the Central Bank of Ireland under the European Union (Payment Services) Regulations 2018 (Ref C95957).
This material is general information only and does not consider your objectives, financial situation or needs and you should consider if CoinJar Card is right for you. We recommend you consider the CoinJar Card Terms and Conditions before making any decision to acquire the product.
Apple Pay is a trademark of Apple Inc., registered in the U.S. and other countries. Google Pay is a trademark of Google LLC.