The Impact Fintech 2018 event, which was held recently in the city of Lodz in Poland, saw the coming together of FinTech professionals from around the world. Ross D’Arcy, Sales Director of Ripple, attended the event and spoke at length about how Ripple is establishing the Internet of Value.
D’Arcy informed the audiences about the upcoming developments in the organization and explained how Ripple is aiming to solve various issues. Accordingly to D’Arcy, Ripple (which is the second largest cryptocurrency by market capitalization) is focused on making cross-border transactions easy and more efficient. D’Arcy elaborated that rather than doing POC’s or scientific experiments, Ripple is aspiring to solve real-world use cases.
“Ripple aims to solve connectivity issues with banks using xCurrent, XVia, and xRapid,” added D’Arcy.
The Ripple official said that today’s payment networks are hard to trust as they are not transparent. He highlighted that the prevailing payment networks need to a lot of conditions to be met. Digital assets do away with this requirement.
D’Arcy elaborated on the matter saying,
“Imagine a person in Nigeria wants to send money to someone in Mexico. This process has to carry through a process that has governed banking for over 400 years. With Ripple’s products, there are no restrictions, and you don’t even need to hold the destination currency.”
During the discussion on Ripple, D’Arcy informed the audiences that Ripple’s focus is on establishing the ‘Internet of Value’. Just like data, such an internet will transfer value across the world.
The Ripple official said that digital assets like XRP would provide a resolution to the liquidity problems faced by the banks by freeing up massive amounts of capital. D’Arcy added, “This can be done by XRP’s promise of fund settlement in just seconds.”
D’Arcy was quick to note that the Blockchain technology will be first adopted by small firms, while banks will follow suit, but the adoption of the technology by them will take time.
“Once cryptocurrency is slightly more regulated, and a calm approach is taken then banks will realize that digital assets can be used to tackle specific use cases and reap benefits from it. I suggest that banks embrace the technology.”