‘Banking becomes more cheaper and efficient with Ripple [XRP] technologies’ – Says Cory Johnson
Cory Johnson, the Chief Market Strategist of Ripple was interviewed by Adam Johnson at Bullseye podcast. Adam Johnson was an ex Bloomberg anchor who conducted various interviews with CEOs and Nobel laureates.
According to Cory, Ripple’s new mission is to help large banks around the world to transfer money seamlessly and instantaneously. He described the three main products by Ripple, XCurrent, XRapid, and XVia.
XCurrent has the ability to move messages about money from one point to another which makes the money transfer easy for banks.
XRapid incorporates XRP coins into the bank transaction.
XVia helps major companies who are moving money access the information in banks with the help of latest blockchain technology. The companies can watch how the money move from point A to point B. It basically works as a portfolio management system for the corporates by moving money from a Corporate balance sheet to a Personal bank account. Banking for corporates is made much easier through XVia.
Using XCurrent, banks can transfer the existing fiat currencies. Whereas, XRapid can transfer only XRPs. The money will be converted in XRP and moved rapidly through the existing bank accounts easily by following all the KYC and AML rules. These systems can replace all APIs (Application Program Interface) for money transfer. o XVia. XVia will use XRP to transfer in all the fiat currencies.
Further, he was asked about the cost involved for using this platform for the banks, for which, he said that the banks will be charged for the software, implementation and a small amount of transaction fee. For example, the transaction charges of 400 basis points [BPS] can be changed to 40 basis points by using XVia, where the transaction time will be only about 40-50 seconds. He believes that this is an absolute game changer for their business. People across the world can save the money instead of spending it in the global economy.
Currently, there are about 60 market makers across the world who are working on the trading of XRP. The team is aiming to make XRP a Global currency. The technology used is robust and provides incredible security. The money is distributed to all the nodes of a network behind a series of cryptographic key, hence the security is very high. He considers SWIFT as a competition for XRP. Swift has over 4000 employees and hundreds of banks working with them. Swift is making the technology faster by reducing the transaction time.
Cory concluded by saying that:
“Moving money over the internet is the biggest thing they can do. Banks which are getting tied up with ripples new innovation is increasing rapidly.”
Cory believes that all the new blockchain innovations are going to change the world and it would definitely increase the value of the internet.
A Ripple proponent says:
“I absolutely LOVED this interview of @CoryTV. EVERYONE should listen to it. It will make you really excited for the future and make the competitors SCARED!”
Another cryptocurrency enthusiast says:
“we’re irrationally optimistic…. and It’s worked out so far.”
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