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Ripple Wants to Dominate International Payments with “3-5 Second Transactions”

Ripple Wants to Dominate International Payments with “3-5 Second Transactions”

Ripple’s global payments specialist Cassie Caddock said that Ripple’s goal is to give everyone on the planet the ability to send payments in just a few seconds flat. This is truly international when you can send payments as fast as credit card transactions.

At Unbound 2018, which took place in London, Caddock stated that their long-term strategy is centered on expanding the company’s own technology and infiltrating banks and payment platforms on a huge scale. In other words, Ripple has no plans to stay on the sidelines and wants world domination. Caddock believes that international payments should happen in just 3-5 seconds worldwide:

“I think solving for global transactions is still a real pain-point, and I think that in 10 years from now, if Ripple is to be as successful as we love it to be, that international payments should happen in 3 to 5 seconds anywhere around the globe.

And Ripple’s vision is nothing but grandiose:

“We have use cases that support that. So a guy who wants to send his child money from Asia to the UK because he needs some rent, for students, that is a real-life use case that we do today, and we can offer real-time settlement and transaction within 3 to 5 seconds. I think if we can do that on a global scale, which is Ripple’s vision, the banking sector and financial services as a whole – they’ll be on to a real winner there.”

Ripple’s early adoption of blockchain definitely gives the startup a benefit of being the first-movers in the industry compared to newer companies like Ethereum. Caddock remarks on this concept:

“Potentially, I’m not too sure. Ripple has really focused on a specific use case, whereas Ethereum has tons of use cases. People use it for all sorts of things, whereas we’ve been really focused on solving for banks and financial institutions. So I think that’s why you’ll see Ripple’s technologies take off.”

While Ripple isn’t the only company making some bold statements on the future of cryptocurrency, these words are sure to give some sense of security HODLers of XRP. Moderator Amir Shafrir then asks Caddock a follow-up Q:

“I can transfer value without the need for a bank. Why would I go through a bank?”

To which Caddock replies:

“I think the reality is that we’d be unrealistic and a little bit naive to say that transactions would never go via the banks. You could use a digital asset to send transactions in real time anywhere. But people aren’t comfortable with that, and despite seeing a shift, banks will, in reality, play a part in that.

Been in the game for 2 years but I still consider myself a rookie. There’s way too much info out there for anyone to comprehend, so I try to get only the best news on cryptoculture and new currency that’s coming out in the world of Bitcoin and cryptocurrency. I’m here to share my thoughts on what could be the answers to many of the world’s financial issues. Contact me with tips!

Disclaimer: Our authors may hold active positions in one or multiple cryptocurrencies discussed on this news portal. Opinions expressed at AWSMO are NOT investment advice and any investment in one or more cryptocurrencies may be high-risk and extremely volatile. Please due your due diligence before making any investments in any cryptocurrency. Your investments are your own risk and you assume full responsibility for your actions.

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