Processing cross border payments, real-time, across 40 countries with certainty and end-to-end tracking makes it easy for more than 200+ financial institutions to connect and transact money easily. Payment offerings in banks in the absence of RippleNet would have been otherwise expensive to reach are now possible.
When banks join RippleNet they are able to generate new revenue as they are able to meet customer demands for global reach. This they are able to make possible for lower costs with fewer liquidity requirements. By virtue of the RippleNet Rulebook, users are able to gain consistent experience with rules, standards and governance. By plugging in to one integration point, users will be able to transact with any other Ripple Net member.
Asheesh Birla points to how the pandemic continues to highlight the requirements of overseas workers around the world. He also states that by making use of Mobile Money, Mutual Trust Bank and bKash_ltd that nearly 45 million Bangladeshis are able to receive money from loved ones.
The current law suit is in the US and the US users are not giving a heck, but there are 7 billion people living outside of it who use, and will eventually use, RippleNet and XRP.
Asheesh has been trying to explain what the stable coins do not offer. He points to how stable coins are not trustless systems. He points to the fact that in stable coins you are actually trusting the issuer, who are the private enterprise and banks to have reserves that are specifically fiat-backed.
He also pointed to the immutable standards provided by the ERC-20, XRPL IOU, etc. Therefore stated that Innovative financial services can be built off of these standards without having to worry about breaking API changes, downtime, etc.
In summary, he states that by looking at some questions lately about stablecoins vs. cryptocurrencies like BTC, ETH, and XRP that first and foremost that it is very clear that these technologies are complementary and not competitive.
Things will get far better if there will be an SEC chair that understands how to advance innovation while protecting consumers and markets, not pro-innovation lip service.
The current scenario is bad with the SEC in that they permitted XRP selling for 7 years and then pulled the rug 2 days before Christmas 2020 and all the investments of investors is just getting wiped clean.
Steven is an explorer by heart – both in the physical and the digital realm. A traveler, Steven continues to visit new places throughout the year in the physical world, while in the digital realm has been instrumental in a number of Kickstarter projects. Technology attracts Steven and through his business acumen has gained financial profits as well as fame in his business niche. Send a tip to: 0x200294f120Cd883DE8f565a5D0C9a1EE4FB1b4E9
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