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​Ripple CEO responds to his critics: Banks will use XRP

2019-01-09 08:50 am | Resource: News Section | No Views : 83

​Ripple CEO  responds to his critics: Banks will use XRP Many financial institutions have begun to utilize Ripple's proprietary pluchen technology through RippleNet, and the company has reached 200 clients as a total number of financial regulators that it has cooperated with so far.
Financial technology applications and banks, such as Euro Exim, SendFriend and JNFX, have integrated RippleNet's liquidity and immediate settlement of payments, including faster, more transparent alternatives and lower alternatives to traditional settlement systems such as SWIFT.
Ripple chief executive Brad Garlinghouse said 100 financial institutions joined RippleNet last year and that the network is experiencing a 350 percent increase in live payments.
After a positive year in 2018, Garlinghouse revealed, that RippleNet signs two or three clients on a weekly basis, consisting mostly of financial institutions that need to settle cross-border payments efficiently.
For example, JNFX Emerging Markets President Ashai Mervin said RippleNet is cost-effective when processing payments to international customers.
For our customers who are deployed in Africa (with operations and commitments in more than 40 countries), RippleNet is specifically designed to address these problems for individuals in villages in the regions In rural Nigeria, our decision to join RippleNet and take advantage of their payment solution, including XRP for liquidity on demand, is extremely beneficial.
In a separate statement, Ripple's chief executive pointed out that Ripple's critics had argued that XRP would not be used by banks in the foreseeable future, but said the company was seeing an increase in demand for RippleNet, particularly for cross-border payments and international payments.
Last year, some prominent critics said that financial institutions would never use digital assets in their financial flows, but Garlinghouse confirmed then that if he offered his clients a better experience at a lower cost, they would, and they did.
On the other hand, Ripple is currently trying to penetrate the global $ 2 trillion global payments market, which is dominated by SWIFT.
In the short term, banks and large financial institutions are unlikely to turn to RippleNET and Ripple liquidity solutions because the main banks control the SWIFT network and have the incentive to rely on the existing infrastructure.
From the holdings of Ripple continue to target small banks and biotechnology applications, as described in new customers who signed this week in an attempt to create their own ecosystem, compete with SWIFT by making large banks use RippleNet to connect and deal with smaller banks in each market Established and emerging.
At the moment, RippleNet needs to maintain its growth rate if it wants to compete with global settlement systems and find ways to introduce key financial institutions into its ecosystem, because the value of the settlement network ultimately comes from top-level organizations, Liquidity.

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