While crypto has taken a serious hit in the end of 2018, Ripple continues to boast of positive news. Why is Ripple continuing to thrive through the ‘crypto winter?’
Ripple’s recently announced partnerships with the government of Kuwait, as well as the acquisition of Ripple-partnered Earthport by Visa show that even in a crypto downturn, Ripple continues to position itself snugly among the global financial giants.
🚨 🚨 🚨 90,000,000 #XRP (33,493,911 USD) transferred from Unknown wallet to Unknown wallet
— Whale Alert (@whale_alert) December 27, 2018
The Daily Hodl recently quoted an interview with a Ripple executive and The Asian Banker, with Marcus Treacher, Ripple’s Global Head of Strategic Accounts citing Ripple’s areas of growth following ‘a lot of activity in the Middle East and in India,… in Southeast Asia. Treacher described Ripple’s approach to these markets as two-fold, with xCurrent for the ‘payment side,’ going on to say, that ‘xCurrent is what is at the heart of the Ripple network. That connects banks and payment companies together and enables money to move in seconds around the world’
The other main product Ripple is pushing is xRapid, of which Treacher said, ‘xRapid is where we can separately connect into the XRP ledger for very fast delivery of liquidity into the target country as required.’ The way that Treacher describes this potential network is huge, with Ripple’s products all but replacing the current SWIFT interbanking system which global finance relies on, noting, ‘we feel that for the bulk of payments, the real commercial flows and the resale flows – that will move to a much more open interconnection model which Ripple has created. So, certainly, we will dominate that central space.’
Ripple’s plan to create a crypto-empowered global payment network put it at odds with other cryptocurrencies. Bitcoin’s value fell as much as 80% from its peak this year, which challenges notions that it can be a useful payment platform. Ripple, on the other hand, is making significant inroads and partnerships because it is building itself a market and utility for its cryptocurrency.
If Bitcoin purists, or other crypto developers want to compete with XRP in the future, they will likely need to find a way to make a competitive global system for using Bitcoin, or other cryptocurrencies.
Read more: Could Indian remittances pull us out of ‘crypto winter?’