Ripple, one of the fastest growing Blockchain Startups has been on the news lately for many reasons such as price surge of it’s Cryptocurrency XRP and the use of its technology for many projects. Its latest intention to venture into the mainstream financial sector was recently announced by the Chief Marketing Strategist of the company, Cory Johnson.
The CMS mentioned this in an interview with Steven Diep, saying Ripple is a fast and reliable means of transferring funds and only changes a negligible fee per transaction which is only a thousandth of what regular banks charge.
Speaking on competition in the sector, Johnson spoke of Swift, whose office is in Brussels, saying the company is already working with thousands of banks simultaneously and so it will be challenging for new players to get into the financial system. According to him, Swift is gaining more grounds by improving efficiency by “reducing transaction competition time for 2 days to just a day.”
Ripple which “has a bank allocation into its own network as part of the RippleNet” Had stroke a partnership with PNC Bank in the United States this week as a sign of its intention to explore the mainstream financial sector. Johnson said the company promises excellent customer service for the bank’s customers saying “customers will be able to receive real-time cross-border payments.”
As part of his pro-blockchain campaign, Johnson has always rooted for the adoption of blockchain technology into the mainstream financial sector and has been a vocal defender of the technology.
He also played a key role in facilitating the acceptance of cryptocurrency in Singapore, Malta, Switzerland, and Liechtenstein and has this to say about the idea of exploring blockchain for the financial sector:
“I really do think that finance is the place where there was the most friction in our global economy. And the solutions presented by blockchain are so obvious that they’re really going to change the way money and value move in our society.”
Apart from Johnson, blockchain has gotten a lot of backing from heads of major mainstream financial institutions around the world. Worthy of note is the move by the CEO of Western Union, Hikmet Ersek, who recently gave “his two cents on the technology” and also said the technology should be used when there is need.
“We move a lot of money and hence are looking at blockchain to make the process faster and more secure.”
Western Union is also said to be working with Ripple on improving their service but is yet to finalize the arrangement according to the CEO.