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.