Ripple was still in the buzz feed of media reports after signing deals with some global finance companies and banks for its cross-border payments’ portal, it has scored another spotlight after announcing a new payment layer for the internet. Ripple has already set the pace of futuristic finance ecosystem by minimizing the time lapsed in cross-border payments.
Explaining it further, the chief marketing officer said: Using a payment from Thailand to the US as an example, Johnson says Ripple’s xRapid can convert Thai baht to XRP, send it digitally across the Ripple network to the US, and then convert the XRP back to the US dollar – all in a matter of minutes.
So the state of the art is, one financial institution tells the other financial institution, "We want to move $1,000 in Thai baht to the US right now. It’s going to result in ‘X’ number of dollars. Are you cool with that? Click Yes.’ Boom. Within a minute or two it’s done. Our notion is that there is no payment layer for the internet. We’re creating a separate internet. RippleNet is the phrase we use."
As for the crypto and blockchain industry as a whole, Johnson says many companies will likely end up utilizing the technology in the future. For now, he believes Ripple is leading the way.
“It is early, but I think we’re probably the most advanced company in all of the blockchain. We’ve got over 100 paying customers. We’ve moved over a billion dollars across our network. We’re opening new corridors. I joined the company nine months ago – the company was doing about a deal every six weeks. Now it’s about every six days…”
Looking at the shining perspectives and even brighter visions of the businesses who are tilting towards cryptocurrency & blockchain for more seamless solutions, we can say, it’s just very early days.