Ripple (XRP) Working Successfully at Transforming the Traditional Financial Market instead of Eliminating itOctober 6, 2020
Ripple is working on all fronts to transform the traditional ecosystem of business of things especially the financial sector. This is as opposed to Bitcoin’s vision of replacing the world of fiat which has failed terribly. In the latest episode of Ripple insights, developments around the Ripple ecosystem were showcased.
The bottom line of the update was that Ripple is making huge progress as it is making remittances as easy and fast as relaying information over the internet. Rather than fight against the innovation, banks and other traditional market players are embracing the tech at an amazing rate. There is a future in the world for blockchain technology being the core engine of banks- Ripple and XRP are making that possible.
RippleNet is bridging the gap between hundreds of financial institutions around the world. Some of these institutions are MoneyGram, Azimo, SBI Remit, etc. RippleNet provides an On-demand Liquidity (ODL) via a single API to these institutions to eliminate waiting times and the need for pre-funded accounts during cross-border transactions. This also eliminates the need for traditional systems. When funds are sent to another country, the API converts the funds to an equal amount of XRP and is sent in an instant to the destination, on arrival to destination, it is converted back to the needed currency- fast, secure, transparent, and powerful.
With the solution that RippleNet provides and the works from RippleNet GM, Asheesh Birla, and Ripple’s growing engineering team,
“RippleNet’s competitive advantage will come to life at Ripple Swell Global. The event unites RippleNet customers, partners and industry leaders who are committed to changing the way money moves globally.”
RippleX is also working and moving forward through the leadership of Monica Long, RippleX GM, to achieve “real and sustainable solutions with XRP and the XRP Ledger”. It is empowering the pack of developers and business owners to build new applications and convert existing ones on the XRP and XRP ledger to unlock a universe of potentials and possibilities.
Ripple Impact is another arm of Ripple that not only secure the Internet of Value, but helps to create value by giving an equal opportunity to all via education, research, and philanthropy. In partnership with many universities all over the world Ripple’s University Blockchain Research Initiative (UBRI) is achieving its goals. According to Ripple Insight a few hours ago:
“Ripple is building upon an incredible opportunity that comes with realizing the Internet of Value. This opportunity improves today’s broken financial system for the larger purpose of financially strengthening the lives of millions of underbanked people around the world—by removing the barriers to economic equality and technical innovation.”
There is no doubt that Ripple’s success in the transformation of the traditional financial market is just starting-it is hitting the right keys.