The chief technology officer at Ripple, David Schwartz recently sat down at the recent WeAreDevelopers conference which took place in Berlin where he said some of the globe’s biggest companies are able to benefit from the use of crypto and other digital assets.
Schwartz went onto talk about Ripple’s work with the numerous financial institutions and banks which improve the speed and cost of cross-border transactions.“If you’re a Seagate or an Amazon or an Airbnb or an Uber, these companies all make large numbers of small payments. Amazon has thousands of merchants that they make payments to. Uber, if you’re in the Philippines and you’re a driver and you need money for milk, Uber would love you to drive for them and buy milk right that day.
But they need efficient payments. They need payments that are as reliable as email for that to happen. And that doesn’t exist. And each of these companies employs literally hundreds of people just in their payments division. And if you imagine if you ran a payment company, you would love to go to any of these new corporates and say, ‘Hey! Fire your hundreds of payment people. We’ll do all your payments.’ But there’s nobody who can do that.”
The CTO of Ripple has said that he believes XRP is in a position to fuel a payments revolution because of its speed and low transactions fees.“We came up with what’s technically a form of federated Byzantine agreement that we call consensus that’s faster and cheaper than proof-of-work. And the result is that XRP is a decentralized digital asset not connected to any jurisdiction, that moves more quickly and more cheaply than Bitcoin. And I would argue that it’s also more censorship-resistant and has some of the decentralization properties
“Ripple has built an enterprise payment network on these principals. It consists of three products. One to process real-time payments. One is sort of like the browser to send payments. And one to provide on-demand liquidity.
Financial institutions use xCurrent to make and receive payments, xVia to initiate payments and xRapid to provide cross-border liquidity. And this is a real network. This is a point-to-point network. It’s not a central server like Swift or PayPal. This is a decentralized network where financial institutions interact with each other through protocols that are not centrally controlled.”
According to Schwartz, regulation and education are the two largest obstacles that stand in the way of mainstream adoption when it comes to using cryptocurrency payments. “The biggest obstacle that we’ve found is the legal environment. Enterprises are not ready for a trustless system that’s proven by mathematical algorithms. They have customers who might get their credentials stolen. They might want to go to court. One of the biggest things that we had to do to revolutionize enterprise payments was to come up with a set of rules so that legal agreements can be negotiated with just a couple of redlines rather than a 40-page contract beginning to end of how to handle every possible failure…
So today, our customers use digital assets to settle payments immediately where that makes sense, and they use more conventional means where that makes sense, but they enjoy the benefits of end-to-end messaging, multi-hop and the various things that a multi-standard can provide. We think that digital assets and interledger payments can build that internet of value.”
Ripple’s XRP is a Brilliant Technology, According to American Institute of Economic Research’s Jeffrey Tucker
American economist Jeffrey Tucker, who also works as the editorial director at the American Institute for Economic Research (AIES), called Ripple XRP “brilliant technology” in a recent interview on Russia Today. Tucker shared his opinion that Ripple’s growing popularity had been influenced by sometimes outdated traditional financial systems such as SWIFT.
When asked to explain why the recent partnerships, alliances, and increased capacity of Ripple had no positive effect on XRP, Tucker explained that the digital token XRP is a “specific kind of crypto” and at this moment many regular investors are not interested in the technology. He continued by saying:
That does not mean it’s not going to change the world. I think it’s an extremely important technology
Tucker stated Ripple is doing what traditional financial systems failed to do, provide fast and cheap money transfers.
Our legacy financial systems are incapable of dealing with the new age of globalization so taking crypto to kind of fill this market niche… and XRP has been really valuable in that sense,
Ripple itself continues to promote XRP adoption. Brad Garlinghouse will give his speech during the 55th Global Forum event in Singapore. Global Forum gathers together business leaders, government officials, and academics from different countries who share their views on different business spheres. Apart from Ripple’s CEO, who will be the sole representer of the cryptocurrency industry at the event, list of speakers includes representatives from Central Banks, JPMorgan, Goldman Sachs, MasterCard
Ripple Named One of Best Workplaces in 2020 by Fortune
Blockchain giant Ripple has appeared on the list of the best small and medium-sized workplaces in the San Francisco Bay Area. Ripple CEO Brad Garlinghouse says that he’s “humbled” to be part of the company’s incredibly talented team.
Ripple, the only cryptocurrency-oriented company on the list, was ranked 25th.
“Management is consistently transparent with employees on what goes well, and what doesn’t. There’s a focus on being honest with ourselves which is refreshing and healthy as we continue to grow from startup to young company,” one of Great Place to Work reviews states.
New milestones for Ripple
Back in February 2019, Fortune named Ripple one of the best Bay Area companies to work for. It made the cut along with such giants as Nvidia and Hilton.
Ripple, which strives to
The company now boasts 235 U.S. employees. However, it lost some important team members in 2019, including Evan Schwartz, the mastermind behind the Interledger who had a 6.5-year run with Ripple. MUST READRipple CEO Expects to See More ‘Consolidation’ in 2020. Community Wants Big Acquisitions –
Asana in first place
In order to determine the best workplaces in the Bay Area, Fortune conducted an anonymous survey with more than 33,000 employees, taking into consideration leadership effectiveness, workforce makeup, workplace culture, and other factors.
Mobile application designer Asana took the much-coveted first spot on this year’s Fortune list. There is also personal finance company Nerd Wallet in the top three.
Ripple Says Lawsuit Could Destroy Multi Billion-Dollar XRP Marketplace and Wipe Out Investors
A judge is now considering Ripple’s motion to dismiss a much-publicized lawsuit against the San Francisco startup.
Bradley Sostack is accusing the company of illegally selling XRP as an unregistered security. Ripple claims XRP is not a security and says the claims are unsubstantiated. The company also says any lawsuit on the issue would violate the statute of limitations, and must have been filed within three years of the 2013 initial offering of XRP.
Sostack’s legal team argues that the statute of limitations are invalidated by the fact that Ripple continues to sell the digital asset.
Now, new court documents reveal Ripple also claims that classifying XRP as a security could destroy the third-largest cryptocurrency’s entire marketplace.
Says the company’s legal team in the motion to dismiss the lawsuit,
“Were [Sostack] allowed to belatedly challenge the classification of XRP, it would not only threaten to eliminate XRP’s utility as a currency, but it would upend and
Jake Chervinsky, general counsel at crypto lending platform Compound, says it’s unclear how long the judge will take to consider Ripple’s motion. But he warns it could take a while.
“As is typical, the judge ‘took the matter under submission,’ meaning she will issue a written ruling at some later date. It could be days, weeks, or months.
There is no time limit. The motion can sit on the docket forever. After about six months, it will show up in a report to Congress regarding the status of the federal judiciary, but even then it can keep sitting on the docket.”