Ex-Google Employee Says Ripple Is A Transfer Medium, Not A Currency
Ripple and XRP were recently in the spotlight when the digital asset got an approval from the US for money transfers.
Just a couple of days ago, America’s Consumer Financial Protection Bureau gave Ripple approval for its use in cross-border money transfers.
The U.S Consumer Financial Protection Bureau is playing a vital role in protecting America’s consumers in the financial sector.
They recently wrote on the “continued growth and expanding partnerships” of firms such as Ripple.
Early Ripple investor offers his stance on the firm and XRP
Early prominent Ripple investor Kevin Rose who led Google’s venture capital investment in Ripple back in 2013, spoke recently with TechCrunch about his current opinion about XRP and Ripple as well.
He explained that during the pitch, Ripple convinced the VC arm of Google promising to familiarize the banking system with the blockchain tech by implementing payments using the tech.
This resulted in Google investing an amount in the company that was not disclosed so far. Rose highlighted the reasons for the investment that the tech giant had made:
“Early Ripple reminded me of a company that could come in, put some standards in place, and have these uptime guarantees and work with commercial banks and create a backbone that was based on blockchain […] ” he began.
He continued and explained that “The excitement was around creating something that commercial banks could understand and get comfortable with, because they weren’t comfortable with just random blockchain technology created by anonymous founders.”
Rose also mentioned XRP and said that he never really saw a use case for it when it was launched.
“I never really saw the use case for Ripple as a currency. I understood that it was going to be used as a way to handle settlement in some capacity,” he said as cited by the online publication Crypto News Flash.
In terms of pricing, XRP is trading in the green at the moment of writing this article, and the coin is priced at $0.200606.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.