• Crypto influencer BitBoy discusses the potential of XRP beyond banking-related initiatives.
• Ripple’s blockchain-based solutions like RippleNet and the XRP Ledger offer real-time payments and remittance services.
• The XRP crypto can be used for faster cross-border settlements, streamlining global banking systems.
Ripple is Much More Than Just Banking
Crypto influencer Ben Armstrong, popularly known as BitBoy, recently raised the hopes of XRP investors by urging them to look beyond just price movements. He discussed how Ripple offers much more than just banking with its blockchain-based solutions like RippleNet and the XRP Ledger. These platforms provide real-time payments and remittance services, helping to streamline global banking systems. Furthermore, the native token of Ripple (XRP) can be used for faster cross-border settlements.
SWIFT Network Challenges
BitBoy began by highlighting some drawbacks of the current cross-border payment system that has been in place since 1973 via SWIFT network. According to him, these third party intermediaries often lead to delays, inefficiencies and increased expenses when it comes to transferring trillions of dollars daily in foreign exchange markets. This can create a huge obstacle for businesses dealing with such large amounts of money on a regular basis.
Ripple Responding to Challenges
To address these issues, Ripple created its own solution back in 2012 called as ‘RippleNet’ which is a cost effective way to facilitate payments without any third parties involved. Additionally it also provides advanced features like real time payments and remittances at a fraction of traditional costs along with other benefits like speed and reliability when compared with conventional methods. The platform is further supported by the XRP Ledger which uses the native cryptocurrency (XRP) for instant cross border settlements between banks across different countries.
Applications Beyond Banking Domain
In addition to facilitating global payments through financial institutions, BitBoy believes that there are many other applications where XRP could be used including governance, accounts tokenization, decentralized finance (DeFi), non fungible tokens (NFTs) etc., thereby extending its utility into various domains outside banking industry as well .
Overall this discussion about greater utility of XRP beyond mere price movements brought back optimism among crypto enthusiasts despite recent market corrections where it dropped below $0.50 levels after court ruling against Ripple . Although only time will tell whether this asset will make its mark on world economy or not but one thing is certain that having an alternative option available other than SWIFT network would definitely bring more efficiency into global payment networks around the world .