Article By Abhimanyu Krishnan
A new story published in South East Asian business firm Edge Markets’ publication says that Ripple and its token XRP is expected to revolutionize the financial industry. This concurs with a lot of other recent reports that praise Ripple and its cross-border payments solutions.
The Edge Markets report, while not describing any information that ardent crypto investors wouldn’t already know, offers a general outline of what Ripple does, and the products and services it has to offer. It details how it has been used extensively in Asia, a place that is particularly suitable for the application of Distributed Ledger Technologies (DLTs).
The story also featured an interview with Cory Johnson, Ripple’s Chief Marketing Strategist, focusing primarily on how Ripple’s solutions are an improvement over the long-used SWIFT technology. Johnson said,
Using Ripple software and XRP, you can 50 cents for virtually zero fees. And this can help create economies in which there aren’t economies now because the money transfer system is not sophisticated enough.
Johnson also speaks positively of Singapore’s approach to the crypto industry, calling it ‘crypto heaven.’
Singapore has taken a very forward-looking approach to blockchain and crypto, and with that, it is getting the results of some of the best cutting-edge technology, including using Ripple to move money across borders.
Ripple is very much keen on Singapore, having set up an office there to work closer with regional financial entities. It has also partnered with InstaRem, a Singaporean cross-border money transfer provider, to assist with rapid payments for South East Asian RippleNet members using xCurrent.
Ripple Building a Strong Network
Mentioned in the report are Ripple’s efforts in Singapore and India – only 2 of the 40 or so countries where Ripple has launched its efforts. Ripple’s supply of the XRP token is largely controlled by Ripple, as opposed to Bitcoin which relies on miners to eventually mine all of the 21 million Bitcoins possible. The extra liquidity has won banks over.
However protracted the bear market might be, Ripple’s value does not seem to have diminished in the eyes of investors and insiders, who speak glowingly of its potential to take over the banking industry.