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XRP could be great for providing rapid liquidity, says CEO of OMNI – Ripple’s xRapid customer




XRP could be a great for providing rapid liquidity, says CEO of OMNI - Ripple's xRapid customer
Source: Unsplash

Thomas McLeod, CEO and Co-Founder of OMNI, a renting service in San Francisco Bay Area and Portland, spoke about OMNI, during the latest episode of The Ripple Drop. He also spoke about his experience of introducing XRP as another option for cash outs apart from USD, on their platforms.

The CEO started by speaking about the platform key role, stating that their main objective is to connect the whole world through “things”. McLeod added that their initial idea was of storage and collecting things and currently, they are building an entire rental marketplace.

He went on to say:

“so there’s a world in which everything that you have you should be able to connect with other people and other people should be able to use those things as well so if you have a bike and you’re not using it someone else can use it when you’re not using it. and now you can also make money on top of that”

McLeod further spoke about the company integrating XRP on their platform and the impact it has on its users. He remarked that on a long time vision, they see themselves as a bank, and instead of having assets like the dollar and yen, the platform has bikes, books and equipments, which are “actually assets.”

The CEO further added:

“It became very clear that this could be a great tool for both providing vast rapid liquidity for sort of cashing out the capital that you make through the rental side as well as in the future connecting individuals quickly with those assets.”

Furthermore, Ethan Beard, SVP at Ripple, spoke about xSpring and its use case. He stated that Xpring is an initiative that focuses on the new use cases for XRP and XRP Ledger outside of cross-boarder payments. Beard went on to say:

“So, for Xpring we’re focused on on a couple different things. As I mentioned XRP payments is an important one think the other that we’re spending some time doing into is looking at the tokenization of real-world assets”

Finally, Miguel Vias, the Head of XRP Markets at Ripple, stated that the new use cases of XRP are “incredibly accretive” to global growth of liquidity and mostly for XRP. He said:

“For XRP if it’s being used in those flows if you look at other markets the driving force of FX liquidity is not speculation, it’s not liquidity provisioning by market participants it’s the use of that liquidity by real businesses the more liquidity you have the tighter spreads the more efficient xRapid and XRP end up being”

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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.