Ripple Executive Said XRP Is Poised To Boost Financial Inclusion In The US And Abroad
Ripple had a successful 2019 with various achievements in terms of partnerships and the adoption of its products.
The San Francisco-based company has been also boosting XRP as well, and the digital asset enjoyed intense adoption as well.
XRP and Ripple enthusiasts have been only waiting to see the coin’s price surging this year because it seems that this coin has been lagging a lot.
Ripple aims to bring greater financial equality
Ripple chief tech officer David Schwartz said that the company aims to bring greater financial equality to people in the US and overseas as well.
He highlighted the fact that despite misperceptions, there are millions of people in America who lack access to mainstream financial services.
“We tend to think we’re overbanked in the United States because you could just go anywhere and open a bank account. But, a fairly shocking statistic, 24 million Americans are underbanked, alongside almost 2 billion people worldwide,” he stated.
He said that Ripple’s broader mission is to help financial institutions and their clients move money as quickly and efficiently as email.
“Today, money is locked up in distinct systems, just like information used to be. If I want to pay you some money, I have to ask you what system you’re on. And it’s slow. Many payment networks shut down outside of business hours. Many payment networks only work in overlapping business hours between the two time zones they make payments between,” according to Schwartz.
He also said that payments take days, and they are also very uncertain, which is a problem in the traditional financial system.
Ripple penetrates $140 billion industry
The other day, it’s been revealed that the Ripple-backed gaming company Forte says it plans to use XRP and the Interledger Protocol to build games based on the blockchain tech and leverage XRP as a settlement asset.
The firm is currently analyzing the way in which the tech can be used to help companies in the $140 billion industry create free-to-play games.
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Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.