As per the blockchain firm’s Product Marketing VP, Kevin Mole, XRP plays a vital role in ensuring Ripple makes faster cross-border payments in a cheaper, secure, and more reliable way using blockchain technology.
When Ripple released episode thirteen of the Ripple Drop, the entire cryptocurrency was curious to hear what the company’s Vice President of Product Marketing, Kevin Mole, had to say about on-demand liquidity and the advantages of XRP in providing unmatched experiences for financial institutions.
The Ripple Drop is a continuous online video series that covers the latest news concerning Ripple, its default coin XRP, its customers, its blockchain technology, products, and culture.
On episode thirteen, Senior Ripple Management staff members, Pegah Soltani, Craig Dewitt, and Kevin Mole took their time to talk about RippleNet, XRP, and on-demand liquidity. For readers information, Pegah Soltani, Craig Dewitt, and Kevin Mole hold the position of Ripple’s Senior Market Intelligence Manager, Director of Product Management, and Vice President of Product Marketing respectively.
The episode started with Reinhard Cate, the renowned crypto journalist, presenting the different topics that were going to be tackled by the brains behind Ripple and its network.
Ripple Platform Could Open Many Potential Opportunities
In his interview with Ripple’s Senior Market Intelligence Manager, Pegah Soltani, Reinhard was quick to present the question concerning RippleNet and why its service was purported to have a significant market opportunity. In her response, Soltani explained that smaller financial institutions, banks, and payment providers were the number one financial players who stood a chance to reap big with RippleNet.
In the interview, Soltani said,
“It is these companies (Small financial institutions and payment providers) who have challenges accessing capital or global payments that stand an opportunity to reap big by accessing the market in a high friction manner.”
According to Soltani, small financial institutions, banks, and payment providers have a massive opportunity in the business payment market since it was a 10 to 15 trillion US dollar market that is growing at an impressive rate of about 5 percent to 10 percent per year. Also, these financial companies stand to benefit from emerging markets that are sure to offer great opportunities.
The Transfer of Ripple’s Default Currency, XRP Does not Require Pre-Funded Accounts
In his second session of the interview, Reinhard spoke to Ripple’s Vice President of Product Marketing, Kevin Mole, concerning on-demand liquidity, XRP and how it is crucial in the cross-border settlements.
Responding to the question posed, Mole explained on-demand liquidity to be a way for users to transfer fast and low-cost payments across borders with little or no obstacles considering customers do not need to have pre-funded destination accounts.
It means that if Ripple’s default currency, XRP, is present in two different countries, companies will be able to send and receive funds across borders with ease. At the time of writing, there are only two major countries, Mexico and the Philippines, that can receive payments through the xRapid product.
According to Mole’s explanation, Mexico and Philippines receive about 31 billion and 33 billion US dollars respectively every year through the xRapid product.
XRP plays a vital role in ensuring Ripple makes faster cross-border payments in a cheaper, secure, and more reliable way using blockchain technology. The blockchain technology is the responsible platform that ensures affordable, safe, and efficient money transfer between currencies in comparison to traditional banking systems, which are based on SWIFT.
The RippleNet Software Undergoes Upgrade
Companies that are in partnership with Ripple have a reason to smile as the crypto company updated its RippleNet software, a move that is poised to have a positive impact. According to the Director of Product Management, Craig DeWitt, the new software upgrade is going to provide superior and new software functionalities to its customers.
For instance, companies will now have full visibility rights on the funds they transfer. Also, it will now be possible to transfer funds through counterparties that companies do not have a direct relationship with.
The latest upgrade has developed new toolkits for businesses and companies to enable them to utilize Ripple Net in days rather than weeks.
At the time of writing, XRP is exchanging hands at $0.3907 US dollars.