Ripple is Committed to the Cross-border Remittance Industry. In response to an article posted by Financial Times, Garlinghouse said; “Ripple has no plans to ‘reset’ our strategy.
Using XRP to solve a real-world, $10T problem, like cross-border payments, is working.” According to him, the article contained a lot of false claims and unfavorable assertions about the XRP token. The most unfavorable assertion by Financial Times is that Ripple doesn’t have any compelling use case and this is why the executives are trying to diversify their core strategies by becoming an Amazing token.
Garlinghouse denies these claims stating that XRP is just fine as a payment coin. He said that their on-demand liquidity service is growing steadily and it will keep growing as they reach massive adoption. Ripple’s ODL, or xRapid as it was initially called, is a quick and efficient remittance solution that is fueled by XRP. ODL also serves as a bridge between two fiat currencies and allows almost instant pre-funding across borders. Since this product was launched by Ripple, it has been used to process over $2 billion worth of transactions across the globe. The consistent use of this ODL service makes things better for XRP even if the token is currently struggling.
He backed his latest statement up with a quote from Ripple’s Q2 2020 report. The report contained vivid details about the impressive development of the XRP ecosystem. Part of the report was as follows;
“Comparing just H1 2019 with H1 2020, RippleNet experienced 11x year-over-year growth in ODL transaction volume. Over two dozen customers are on board w/ ODL including MoneyGram, goLance, Viamericas, FlashFX, Azimo, and the list goes on.”
Garlinghouse insists that the best way forward for Ripple is the path it has already taken, cross-border payment solutions. While he ruled out XRP becoming an Amazon coin and insisted that they will stick to their current path, he didn’t rule out DeFi or hasn’t ruled it out yet. Using RippleNet, he said that they may be considering other things. In his words;
“We’re also looking into offering other services through RippleNet – things like loans, or maybe even if DeFi grows, offering DeFi services to institutional partners.“
Ripple has built a solid relationship with financial institutions and networks of banks. So, they might branch into decentralized finance (DeFi).
Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.
- Brad will Says Ripple is Doing Well in the Cross-border Services Sector
- Ripple has no Intention of Becoming the Amazon coin or Venturing into Other Sectors
Ripple’s Brad Garlinghouse has always been clear about his intentions for the company. XRP and all their other products were created to reinvent the $10 trillion cross-border payments market.
Recently, amid rumors that XRP will be used as an amazon coin, Garlinghouse reassured the cryptocurrency community that he has no intention of venturing into other businesses. He said that it might take time but they will reach their goal eventually.