Ripple says it’s planning to utilize the speed and efficiency of XRP to create a new payment layer for the internet.
In a fireside chat at Techonomy, Ripple’s chief market strategist Cory Johnson outlined how the company plans to bring the world’s financial system into the 21st century by dramatically reducing the amount of time it takes to send cross-border payments.
Using a payment from Thailand to the US as an example, Johnson says Ripple’s xRapid can convert Thai baht to XRP, send it digitally across the Ripple network to the US, and then convert the XRP back to the US dollar – all in a matter of minutes.
“So the state of the art is, one financial institution tells the other financial institution, ‘We want to move $1,000 in Thai baht to the US right now. It’s going to result in ‘X’ number of dollars. Are you cool with that? Click Yes.’ Boom. Within a minute or two it’s done…
Our notion is that there is no payment layer for the internet. We’re creating a separate internet. RippleNet is the phrase we use.”
As for the crypto and blockchain industry as a whole, Johnson says many companies will likely end up utilizing the technology in the future. For now, he believes Ripple is leading the way.
“It is early, but I think we’re probably the most advanced company in all of blockchain. We’ve got over 100 paying customers. We’ve moved over a billion dollars across our network. We’re opening new corridors. I joined the company nine months ago – the company was doing about a deal every six weeks. Now it’s about every six days…
I do believe that there will be many businesses that use blockchain and even use digital assets, cryptocurrency, whatever you want to call it, for technological solutions. It’s just very early days.”
The Crypto Beat