The executive chairman and co-founder of Ripple revealed his plan for crypto, blockchain tech, and culture will disrupt the entire global payments industry.
Chris Larsen said he believes that blockchain’s main advantage of payments and how Ripple will utilize XRP to provide payments globally. He described how the process will work at the Crypto Finance Conference in Half Moon Bay, California:
“For payments, which again we think are the killer app, we think that’s where it all starts. For payments, we think that has additional requirement. You’ve got to have settlement predictability. You’ve got to have consistent low costs. You’ve got to have high throughput…
xRapid, that’s a component of RippleNet. That allows payment providers to lower the cost and liquidity for their global payments. So it allows, for example, a bank that’s trying to send money to Mexico to use XRP as the intermediate currency. They don’t necessarily have to hold XRP, but it’s used to make things very efficient.
So in this example, a customer’s going to a remittance company in the US. Those dollars are now exchanged into XRP through Bittrex, which is a great exchange. It’s immediately settled in XRP in seconds. Bitso, an exchange, then provides the exchange between XRP and Mexican peso that can now be delivered to a Mexican bank, which, because they have a real-time system in Mexico, allows that to go into the customer’s account very quickly.
This now allows payment providers, banks and their customers to move value in one to two minutes versus days or a process that might mask those days but have to charge for the settlement risk and costs.”
He believes that xRapid and the company’s blockchain-based software solutions will help build a network that fast, cheap, and secure with a near 100% chance of success.
You can see more about the conference and Larsen’s speech here:
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