Ripple appears to be undergoing a lot of changes, and by changes we mean extreme growth.
Ripple: Growth Is on the Horizon
First off, the boss of Ripple – Brad Garlinghouse – has expressed an interest in bringing more banks into the Ripple family. At a recent SWELL event, the head executive of the world’s third-largest cryptocurrency by market cap spewed out several angry words towards SWIFT, and international payment and remittance service, and called it a “one-way messaging system.”
You execute a SWIFT wire transaction and the only way you know I received it is when you send me a note saying, ‘Hey, I sent you a wire.’ This does not need to happen in a world where people can use better technology.
He then took the opportunity to tout his cryptocurrency, saying Ripple had improved SWIFT’s general infrastructure. He commented:
What we have done is really taken that very rudimentary conversation infrastructure that was built decades ago and said, ‘Let’s have a two-way messaging framework’… We wanted to bring banks, financial institutions into the opportunities represented by these new technologies. And you know, frankly, starting with the deep end, I will say that the deep end is going all the way into using digital assets to solve some of these problems as opposed to gradually working them into that.
Aside from bringing more financial institutions on board, Ripple has also upped the ante on its investments in MoneyGram, which has heavily boosted XRP usage over the past few months. At press time, the company is planning to invest another $20 million into the venture.
Last month, we announced that MoneyGram began using On-Demand Liquidity for payments to the Philippines, and we’re excited to support MoneyGram’s further expansion into Europe and Australia. Digital assets and blockchain technology have the potential to make a tremendous impact on cross-border payments. MoneyGram and Ripple are examples of that.
MoneyGram’s chairman and CEO Alex Holmes also took the time to tout Ripple and mention how solid he believes the partnership will be, claiming:
Our partnership with Ripple is transformative for both the traditional money transfer and digital asset industry. For the first time ever, we’re settling currencies in seconds. This initial success encourages us to expedite expanding our use of On-Demand Liquidity.
Still, Problems Persist
Sadly, it’s not all lollipops, green fields and cotton-puff clouds for Ripple. The company is still facing a major class-action lawsuit from several of its initial investors who claim Ripple engaged in false advertising. Ripple allegedly marketed its currency as a non-security, though several investors are claiming otherwise and believe XRP should fall under the guidance and rules of the Securities and Exchange Commission (SEC).
At the time of writing, XRP is trading for an even 22 cents.