The bear market has certainly created a ripple in the cryptoverse with several luminaries and analysts predicting the final destination of the market. A majority of the cryptocurrencies at the top have been struggling to stay at the top with market cap slashes and price crunches. Despite the rampant bear attack, Ripple’s executives have been on a mission to inform users about developments and updates.
Speaking at the recently concluded Impact Fintech 2018 conference, Ross D’Arcy, the Sales Director of Europe Ripple, spoke about Ripple’s mission and vision and what the Brad Garlinghouse led company aims to do in the future. D’Arcy stated that Ripple aims to sole use cases and everyday problems with the use of the distributed ledger technology and cryptocurrencies. He added that Ripple’s business model is mainly focused on collaboration and that’s the segment where banks fall. In his words:
“Ripple’s mission is very simple, it’s to reduce friction between cross-border payments. We want to make exchanging value as simple as exchanging commodities. This is very evident from the fact that expectations are changing due to the perspective change caused by the internet.”
According to him, corporate customers cannot provide the ease of transactions that blockchain technology can provide. D’Arcy stated that Ripple’s wants to assist established banks to gain that ease that will enable transaction speeds to increase to just seconds. The Ripple official also touched upon the differences between Ripple and all of Ripple’s products ie. XRP, xRapid, xVia and xCurrent. He said:
“Ripple creates utility for XRP while Ripple applies blockchain technology to better the concept of cross-border payments. We are laser focused on building the liquidity and taking care of the end beneficiary and that’s where xVia and xRapid come into play.”
Ross D’Arcy went on to say that Ripple is partnering with a lot of major banks across the planet, sometimes at the rate of over one per week. Some banks that come under Ripple’s roster include Banco Santander which is active in Poland with more partnerships with banks in Brazil, the Middle East, India, Bangladesh, and Sri Lanka. The Sales Director elucidated by saying:
“The future of fund movement is west to east and that is why the emerging markets is a strong point”