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Ripple’s SVP of Product: ‘We want to change outdated methods of moving money across borders’

Akash Anand



Ripple's SVP of Product: 'We want to change the outdated methods of moving money across borders'
Source: Pixabay

The cryptocurrency market has seen its sentiments vary with the comments made by its proponents and its critics. In the latest video released by Ripple, Asheesh Birla, the company’s SVP of Product spoke about the basic founding principle of money transfer as well as the reasons why cross border transactions are important.

Birla stated that Ripple’s main agenda is to move money like information because everything else could be transferred quickly. He gave the example of YouTube being beamed into the International Space Station, while the financial structure for monetary movement has not come far from the methods used in the 1960s. In his words:

“Sending money has always been a painful experience and its 2019. We are still using the methods that we used in the 1960s when all the world had a handful of giant banks. But today, we have multiple million dollar online franchises that need to receive and transfer international payments quickly and efficiently. This is where Ripple and RippleNet come in.

Asheesh Birla claimed that they want to be on good terms with regulatory authorities as well as financial institutions. The SVP added that Ripple wants to be “creators rather than destroyers”. He added:

“We want to construct and build a better and more modern system where XRP will come into play. If you look at the system right now, we can see almost ten trillion dollars being tied in the remittance market. This is because the money is prefunded and will not facilitate cross border movement.”

The Ripple official also talked about the importance of Mexico and the Philippines, two countries where xRapid has been effective. Birla stated that the two countries are great for on-demand liquidity, with other factors that have to be taken into consideration. Birla pointed out to the big numbers in the remittance market in these countries, almost $31 billion in Mexico and a handsome $33 billion in the Philippines.

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goLance seeks Ripple’s help to integrate faster, efficient payment solutions




Ripple integrates with payment gateways for GoLance to facilitate easier and faster payment methods
Source: Unsplash

Michael Brooks, Co-founder and CEO of goLance, recently shared the news that goLance was taking Ripple’s help to integrate its payment gateways and facilitate easier and faster cross-border payments for users across the world.

Brooks broke the news during the 2019 American Business Awards ceremony, going on to thank Ripple after winning 3 Stevie awards.

Paralect, an IT services company also partnered with goLance, congratulated goLance on the same and stated,

“We’re beyond happy to congratulate our partners and friends at goLance on their 2019 Stevie Awards. Our team has worked with goLance since 2014 and continues to refine the product that is attracting more and more freelance talent around the world… Most recently, we’ve developed a solution to add the Ripple Network to the long list of goLance payment integrations. This will allow fast and secure cross-border payment solutions via digital asset.”

goLance is a platform/marketplace where one can hire freelancers on an hourly basis or on fixed bid projects. Paralect helps small and medium-sized industries/companies launch products that drive innovation.

Ripple has the most skin in the game, especially when it comes to the cross-border payments sector. Ripple has a plethora of partners already making use of Ripple’s proprietary blockchain payment solutions, as well as digital asset-based solutions that are helping companies around the world send payments in a better, faster, and a more secure way.

Ripple’s xRapid solution is completely based on the digital asset XRP, which provides liquidity to facilitate cross-border payments. Other solutions such as xCurrent and xVia make use of blockchain technology to deliver faster payments.

A Reddit user, @Furitlicious, commented,

“1 of many to come. Can’t wait for them to throw out the “Runs on Ripple” slogan”

Another Reddit user, @Daleeburg, commented,

“Is there anything stopping any business from hooking into xRapid for cross border payments without a bank?”

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