Ripple’s chief marketing strategist Cory Johnson says the company is already seeing adoption and real world use of its newly released XRP-powered payment solution, xRapid.
In a new interview with Cointelegraph, Johnson says payment channels between the US, Mexico and the Phillipines are a prime example.
“We just did some announcements around some partners who are already trading in XRP in the US, in Mexico, the Philippines.
Now, India and China have banned the use of crypto in most cases. But in Mexico and the Phillipines, those are countries where there’s a lot of remittance payments going out of other countries and into Mexico and the Philippines, and there’s a lot of trade in XRP. So I think we’re going to see a lot of adoption of our products in those countries – we’re already seeing that.”
According to Johnson, the company expects xRapid, which utilizes XRP to increase the speed and lower the cost of cross-border transactions, to grow alongside the company’s other suite of software solutions.
“So, importantly, we’ve got three products. We’ve got xCurrent, which is our oldest product on the market, the longest; xRapid, which is fairly new to the market; and then xVia – very, very new. So I would expect our roll-out – most of it will be xCurrent, a little bit will be xRapid and even less will be xVia.
Over time that might change, but initially the oldest stuff gets the most traction because customers have had a chance to look at it the longest and get used to the idea more quickly. So, similarly, what countries are they going to go into? I think they’re going to go to those places where they’re ready for a change, but where there’s some actual use.”
As for the ongoing debate on whether XRP is a security, Johnson points out that buying XRP gives you no stake in the future of Ripple or its profits.
“It’s really clear to us that XRP is not a security. And XRP’s relationship to Ripple is proof of that.
I think more importantly, you can buy all the XRP you want. It doesn’t give you the rights to a dime of the company’s profits or earnings per share or dividends. It doesn’t give you a single share or any interest in the future of this company.”
Ripple owns 60% of the total supply of XRP, with 91% of that investment locked in escrow.
