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‘Blockchain technology can transform the MENA region’, says Ripple and Roel Wolfert

Akash Anand

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'Blockchain technology can transform the MENA region', says Ripple and Roel Wolfert
Source: Pixabay

The main focal point of a lot of cryptocurrency organizations is to cater to the vast majority of geographical regions across the globe. This mantra has been diligently followed by Ripple for its propagation of an efficient system for cross border transactions, again ratified by its recent share of a blog by Roel Wolfert, Managing Partner at VGrip titled “How Blockchain Will Help Banks Tap New Markets in MENA”.

The blog post’s release coincided with the recently concluded Ripple Regionals MENA, a conference where proponents in the South Asian and Middle Eastern regions spoke about the need for a revamp in terms of transfer technologies. In Wolfert’s blog, he stated:



“Cross-border cash transfers can eat up as much as 9 percent of the amount sent, which makes it as profitable for the service providers as it is a bad deal for customers. It’s no surprise that fintech companies are using blockchain technology, mobile devices, social network plug-ins and chat services to disrupt the existing remittances process.”

The Managing Partner talked about how Blockchain is disrupting traditional remittances and banks, citing the recently published report by Blockdata which stated that blockchain-based transactions are 127 times cheaper and 388 times faster traditional remittance methods. Wolfert further made his case for blockchain technology by adding:

“Cross-border cash transfers can eat up as much as 9 percent of the amount sent, which makes it as profitable for the service providers as it is a bad deal for customers. It’s no surprise that fintech companies are using blockchain technology, mobile devices, social network plug-ins and chat services to disrupt the existing remittances process.”

Ripple’s prowess in the cross-border transactions department was also recently covered in a Forbes article, which mentioned the Brad Garlinghouse-led company’s partnerships with financial mainstays like Banco Santander and PNC bank. The piece stated:

“PNC bank is using Ripple’s blockchain software to process international payments. Santander is already collecting revenue from One Pay FX, a blockchain-based foreign exchange service that is also built on Ripple technology.”





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Ripple: Cryptocurrencies can reduce friction in global commerce, claims CEO Brad Garlinghouse

Arijit Sarkar

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Cryptocurrency can reduce the friction of global commerce, says ’s Brad Garlinghouse
Credit: Pixabay

Given the constant disregard for cryptocurrency and blockchain by financial institutions, prominent crypto-leaders have personally been preaching the technology for furthering global adoption. One such figure is Ripple’s CEO, Brad Garlinghouse.

Ripple’s Garlinghouse has always made an effort to minimize the common man’s speculation around tokens. Recently, he made headlines for sharing similar views on Recode Decode, where he said,

“You went from illicit activity to speculation, and today you’re going from speculation to utility.”

While exhibiting his support for cryptocurrency adoption, Garlinghouse made it clear to viewers that he did not expect banks and governments to “be obliterated by the new technology”. He also shared his vision for the future, stating that the system can be changed only by working with the system.



The Vox interview also touched upon Garlinghouse’s claim that crypto-adoption would result in the direct reduction of friction in global markets. He said,

“These are profound technologies that can really benefit society in lots of ways. We can reduce the friction of global commerce, we can allow people globally more access to the economies around the world to compete. I think that’s actually a really good thing.”

He further argued that different currencies, including fiat and crypto, could find specialized use-cases for different things. Along the same lines, he also supported Bitcoin [BTC] investments alongside developments in the XRP ecosystem, as he believed that both work best owing to their unique use-cases. The interview finally ended with Garlinghouse mentioning this on a cautious note:

“Focus on the substance, not the hype. It’s going to impact lots of parts of lots of industries in the same way the internet impacted lots of industries.”





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