Ripple XRP Improving Governance and Market Penetration in Cross Border Payments

By Maheen Hernandez February 14, 2020 Off
Ripple XRP governance cross border payment

XRP is attracting serious FOMO among the community members.  It is expected that as the utility picks up, XRP will be number 1 in terms of a store of value when compared to a coin that does not have utility at all.

Eric Van Miltenburg, Head of Global Operations for Ripple tweeted about Ripple having been recognized as one of the valuable fintech companies in the United States while earning a spotlight on the Forbes Fintech 50 list over again.

Sydney Ifergan, the Crypto Expert, tweeted:  “Ripple XRP are clear of their finest goals in cross borders payments, and they are working through different modes to improve market penetration.”

The Goldman Sachs Tech Conference was held on February 11, 2020, in San Francisco, CA. In the event, Ripple spoke about how previously it was important for people to have bank relationships with pre-funded accounts in each country.  However, with Ripple XRP, you will be able to enter into a new market in just a few weeks to source liquidity using XRP on demand.  This is indeed a game-changer.

Ripple XRP Targets APAC Market

The Asia Pacific Market has a high potential for economic growth.  Ripple has been targeting the region for some time now.  There is an existing challenge in moving value with different currencies, the average cost of sending money and converting it to the target currency is expensive. The transaction volume is nearly 2 billion per year. 

Cash is the dominant factor in the current remittance market.  Despite a low-value instant payment system introduced in the Philippines, adoption is very low – cash is widely used for payment remittances. Therefore, it is becoming important for service providers to plug into predominant outlets to facilitate cash payouts.

In Thailand, cash payments cover for 90% of the domestic payment value.  The low-value instant payment system has found wide adoption in Thailand.  The volume of digital payments increased by 83%.

The Australian market is a sending market for the demographics and remittances.  The Australian receivers enjoy best-in-class payment experience as they are exposed to a matured payments market.

Ripple XRP – David Schwartz

When it comes to blockchain technology, governance is hard to solve a problem.  Adaptability and consistent improvement are important in technology.

David Schwartz, CTO of Ripple, stated that as the XRP network grows, there is an increased need for improved governance. Core improvements are made to the technology to ensure improved developer experience, decentralization, security, quality, stability, and performance.