Ripple Makes Moves To Replace The Traditional Financial System – XRP Is The Star
Ripple has been making substantial efforts to boost the XRP ecosystem.
The company was also in a rebranding process, and its products have been already rebranded by now.
For instance, XRP-powered xRapid is now On-Demand Liquidity.
Now, Ripple’s managing director for Southeast Africa, the Middle East, and North Africa said that the firm is currently pushing hard to replace the financial system, which is decades old and became plagued by all kinds of issues.
Using XRP to lower the cost of remittances
In a new interview on CNBC, Gupta says part of its plan is to use XRP to reduce the cost of remittances.
“We are able to use cryptocurrency, XRP, which is a bridge asset, to provide liquidity on-demand. One of the reasons remittances are so expensive is because [companies] use something called pre-funded nostro accounts,” he said.
He continued and explained that “Once that cost is taken away from the financial institutions, that means they can fund on-demand. They would be able to provide much better service and cheaper service to their customers.”
Ripple has been making increased efforts to promote XRP and to replace the traditional payments system SWIFT for a really long time, and according to the latest reports, the company is really close to achieving this.
Euro Exim Bank already dropped SWIFT for Ripple’s products for cross-border payments and users can enjoy fast, cheap and safe transactions.
Earlier today, we reported that MoneyGram is making some pretty impressive moves to boost the XRP ecosystem.
Ripple’s CEP Brad Garlinghouse said that MoneyGram is pushing to expand its use of XRP for cross-border payments worldwide.
It’s been revealed that during a new interview, he said that MoneyGram’s CEO W. Alexander Holmes wants to know just how quickly Ripple is able to expand the XRP-powered payment solution called On-Demand Liquidity aka xRapid to new corridors.
Garlinghouse is both the CEO and Chairman of Ripple Labs. This year, Ripple surpassed 300 partners, including over 115 banks worldwide. Having launched On-Demand Liquidity (ODL) for cross-border payments, Ripple now has more than 20 partners using XRP for ODL, including Moneygram, Western Union, and American Express.
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.