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Ripple are “fundamental believers in the importance of payments”, says Dan Aranda

Anirudh VK



Ripple are “fundamental believers in the importance of payments”, says Dan Aranda
Source: Unsplash

Xpring MD Dan Aranda, in a talk with Clem Chambers, spoke about the relationship Ripple has with payment providers.

While talking about XRP as a digital asset, he spoke about the various on-ramps into the digital asset. These ramps are services such as exchanges, which allow the XRP token to be converted into dollars, euros and others. He said:

“When we’re working with MoneyGram that that’s a normal kind of very traditional like vendor relationship like we are selling them a piece of software to do cross-border payments…we’re not really offering consulting, it’s more we’re building solutions on a protocol. So think about Google on top of the Internet, you’re building software services that make the underlying protocol usable for functional economic use cases”

Aranda stated that he and Ripple are “fundamental believers in the importance of payments”. He went on to speak about how there is no existing consolidated payment system, instead, it is right now simulated through “layers” such as Visa, Mastercard and Swift. He said:

“We thought that a decentralized architecture of blockchain technology and these public ledgers could really help kind of interoperate a lot of these different systems.”

He said that Ripple has signed around 120 financial institutions around the world at the time and that they are gaining one bank per week for production contracts.

The cost savings for the bank while using Ripple’s products was also spoken about. Banks want to get past the hard cost of cross-border payments and “pass those savings on”, said Aranda. He said:

“I don’t think the real value proposition and the business case for adopting crypto based solution is going to come around cost savings. I think that’s part of it but I think there’s been a lot of focus that I think is a bit wasted on how much can these technologies really kind of remove costs or improve processes. I think it’s about growth it’s about revenue potential”

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Anirudh VK is a full-time journalist at AMBCrypto. He has a passion for writing and interest towards the future of blockchain technology and cryptocurrencies. He does not own any cryptocurrencies currently.


Ripple welcomes one of the ‘Big Four’ South Korean exchanges, Coinone to Ripple Net




Ripple welcomes "Big Four," South Korean exchange Coinone into Ripple Net
Source: Unsplash

Coinone, hailed in Asia as one of the continent’s “Big Four” cryptocurrency exchanges, is set to join the Ripple family. Announced on June 17, the exchange performs cross-banking services, while implementing Ripple’s xCurrent solution in its operations.

The partnership between the San Francisco-based blockchain payments giant, Ripple, and Japan’s SBI Holdings called SBI-Ripple Asia, will see the participation of Coinone. With a growing number of cross-border transactions emanating from the southern half of the Korean Peninsula, several companies have been looking to capitalize.

Coinone’s addition to the Ripple network is the first such inclusion of a South Korean cryptocurrency exchange. Speaking about the partnership, CEO of Coinone, Shin Won-hee, told K Banker, a Korean media outlet,

“We hope that the cooperation between Coinone and SBI Ripple Asia will provide allow us to introduce a range of financial services that make use of blockchain technology.”

Coinone’s official Twitter account added that this integration is ‘about Ripple,’

Following the CEO of SBI Holdings, Yoshitaka Kitao, being appointed as a board member at Ripple, the Pacific partnership between the two companies has blossomed. The duo launched SBI -Ripple Asia, a J.V. with the aim of using the network power of RippleNet to build a global payments stream.

K Banker further reported that in the gist of celebrating the agreement with SBI Ripple Asia and their remittance program, Coinone Transfer will “organize overseas remittance events for 3,000 new subscribers to the block chain overseas remittance service.”

The partnership between the two companies was first initiated in May 2018 when Coinone integrated xCurrent into its remittance services titled “Cross.” According to the latest figures, eight Asian countries can send remittances via the system, with the fee for the same remaining at 1 percent.

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