Ripple’s XRP token and products have been questioned on multiple occasions, as it allegedly lacks diversity in real-life uses. A recent post shared by Bitcoin Exchange Guide emphasized the lack of clarity that CNBC’s Ran NeuNer had in understanding its usefulness.
While he did chat with Ripple’s Senior Vice President, Asheesh Birla, more than one perspective is ideal right? The next post provides more than one answer to the question and comes from Null TX. Here’s the four that they’ve associated with Ripple.
Ability To Provide Banks With “New Revenue Models”
According to Null TX, Ripple’s goal of initiating new revenue models for banks is a crucial one that builds upon the notion of efficient transactions. In particular, the payment facilitator plans to induce banks in a way that would allow them to catch up with recent markets, with more focus given to “real-time global payments”.
While Ripple is welcomed in nearly 12 countries, the firm wants to further expand to become a complete, global payments system.
Working Towards Increasing User Adoption
The foundation to anything innovative is the support and trust built upon in, that is, in the form of user adoption.
Ripple’s products like the xCurrent, a company-based software to help banks instantly settle cross-border payments, and xRapid, a tool that would be essential in minimizing liquidity costs while enhancing customer experience are said to bring in more users over time.
Increases In Exchange Volume?
The argument made here slightly coincides with the point made above about user adoption. Using Ripple’s RippleNet, referred to as a decentralized global network of banks and payment providers, the firm plans to lure in more users and eventually transform the XRP token as the world’s largest digital asset for exchanging purposes.
Ripple has since gained support from several banks, which many crypto investors found odd, as banks typically avoid having an association with the cryptoverse. Ripple’s CEO, Garlinghouse is confident that Ripple adoption will not be problematic, as he trusts that “major banks will use xRapid [Ripple product] as a liquidity tool.”
Ripple’s Ease Of Completing Payments
Ripple’s plan to facilitating, instant payment processes is what makes the aforementioned three possible use cases. Their efforts reflect ways in which costs can be cut, while initiating trackability of payments and increasing efficiency by scaling.
Given that Ripple succeeds in their efforts, especially in making the four above possible, investors will easily realize the real-life applications of the XRP token and Ripple products. Has Null TX touched base on every point to truly understand Ripple products and tokens’ usefulness? If not, let us know what other cases can come about!