Ripple (XRP) CEO Brad Garlinghouse predicted a massive rally for Bitcoin and the entire crypto market caused by inflationary policies by financial institutions.
Garlinghouse reports an increase of 80% to 100% in digital remittance shipments during the crisis caused by the coronavirus pandemic.
Brad Garlinghouse, CEO of payment solutions company Ripple (XRP), made a bullish prediction for Bitcoin and the crypto market. In a conference shared via YouTube, Garlinghouse stated that the policy the Federal Reserve is implementing in response to the financial crisis caused by the coronavirus pandemic will have positive implications for cryptocurrencies in the long term. By contrast, the CEO of Ripple opined that fiat currencies will depreciate:
I think government stimulus now stands at about $ 3 trillion in the United States alone. I hope it will continue to grow and I believe that while it is probably necessary to avoid an even more significant macroeconomic calamity, it will definitely have an impact in the future.
I believe it will result in the degradation of fiat currencies. And they are already seeing that in some emerging markets, where exchange rates have started to change. But even here in the United States, it's a factor.
On the other hand, the CEO of Ripple referred to the growth seen in the sending of digital remittances during the pandemic. According to Garlinghouse, while companies with physical operations have seen falls of 40%, Ripple has seen increases of 80% to 100%. In this way, the CEO of Ripple stressed the advantages of the XRP digital token to make fast and secure transfers. Especially when contrasting it with the traditional financial system:
We will continue to focus on how to use XRP as a truly effective tool for payments… We are clearly seeing that the dynamics of blocking shelters in place have a major impact on cash remittance companies. So if you can't go to a physical store, then obviously you should expect that to go down.
But we've also seen a significant increase in digital first-graders. Several public companies have shared declines of 30% to 40% in their money-focused businesses, but we have seen increases of 80% to 100% in those who are digital firsts, and that has obviously been very good.
Ripple is the world's third largest broker
With dramatic changes in the global economy, digital payment services are playing an increasingly critical role for people around the world. Today's crisis highlights the need to digitize cash, access, speed, and reliability, especially for those who send money to their loved ones.
In this context, Ripple's senior vice president of product management and corporate development, Asheesh Birla, has indicated in his latest report on Ripple Insights, that the San Francisco-based payment startup plans to open new XRP remittance brokers this year. .
Ripple is the world's third largest broker
While speaking virtually at Reimagine 2020, Anderson noted that Ripple would have slowly begun publishing data on its remittance flow between the two countries, which is the world's third largest broker.
"Therefore, the United States-Mexico is one of the largest remittance brokers in the world, and Ripple was seeing that more than 10% of that flow actually went through our production network."
In March, the exchange announced that it was processing 2.5% of remittance transactions from the United States to Mexico. Bitso's chief financial officer, Bárbara González Briseño, attributed that success to the company's partnership with the San Francisco startup.
In this sense, the liquidity index of the XRP / MXN pair in Bitso has recently had a new historical maximum at the end of last month, when it reached a record figure of 37.3 million, demonstrating the usefulness of the platform for cross-border payment in the Mexico-US border
Across the world, digitization has increased rapidly: up to 80% in Italy, for example. The global growth of digital payments is also accelerating, with the increase in electronic transactions by more than 40% and the increase in digital remittances for various payment providers, including Western Union and MoneyGram International.
Warren Anderson, head of developer relations at Ripple, argues that the global payments company has been processing more than 10% of the total money flow in the United States-Mexico corridor through its XRP remittance platform, ODL.
Ripple executive says company is on track to link new countries to ODL by 2020
“Ripple is on track to open new ODL brokers this year and we are bringing in new clients and working with existing clients to increase volume
ODL on major brokers, including USD-MXN, USD-PHP, AUD-USD and PHP, and from EUR- US DOLLAR ”
It is unclear which countries or brokers Ripple plans to target in the short term. But the payments firm said in February that it is working to add new brokers in Europe, the Middle East, Africa, Asia-Pacific and Latin America.
As consumers and businesses adjust to the new standard, Birla cautions that ODL volume may look different in a world struggling with the Covid-19 pandemic.
Ripple can alleviate the stress caused by pre-financing for its customers by allowing instant cross-border payments for consumers. They consider ODL's benefits to be fundamental to their business, both to maintain and to increase market share.
Coil and Hacker Noon begin to partner
Meanwhile, financially backed Ripple Coil announced yesterday that it is investing $ 1 million in a new collaboration with the Hacker Noon technology platform. The three-year partnership will focus on implementing Coil's web monetization standard to reward readers for reading content on their platform in the form of micropayments.
David Smooke, CEO of Hacker Noon, describes that authors should be paid according to their articles' actual reading time and engagement rate:
So far, we have provided editorial, validation, and distribution resources. With this strategic partnership, Hacker Noon will now experiment with transmitting micropayments to authors based on the time Coil users spend reading their stories.
Ripple revealed more details of its addition as the first technology-focused member of the Distributed Ledger to join the RMG.
Ripple will contribute its expertise in using the ISO standard to shape the future of cross-border payments.
Head of Customer Success for Ripple (XRP), Marcus Treacher, offered more details on the payment solutions company's addition to the Registration Management Group (RMG). First technology-focused company in the Distrubuted Ledger (Distributed Ledger) to be a member of the body.
ISO 20022 was developed by the Technical Committee of the International Organization for Standardization (ISO) and is a uniform standardization approach (methodology, process, repository) to enable communication and interoperability among all global financial organizations. ISO 20022 is intended to be a central dictionary of business articles used in financial communications and to link to existing legacy systems.
ISO 20022 has been adopted in 70 countries and it is estimated that 87% of global financial transactions will be carried out with this standard from 2023. Therefore, the implications for Ripple are positive. The company will have access to a single language to carry out all its financial communications. In addition, Ripple will have support for "specific financial processes" and greater operability to work with other existing protocols.
Treacher stated that Ripple's membership will also bring benefits for its more than 300 clients. The company may provide advice and services based on its extensive experience using the standard. Treacher also highlighted that Ripple will be able to contribute to the evolution and adoption of ISO 20022 in the future.
Ripple and our RippleNet customers are pioneers in using the ISO 20022 standard for cross-border payments; The adoption of ISO 20022 for national ACH and RTGS payments has become widespread in the past 10 years, but so far its use by others has been limited in cross-border payments.
Banco Rendimento successfully uses the RippleNet cloud
Banco Rendimento, a Brazilian bank founded in 1992, joined RippleNet in January 2019 and has used RippleNet together with 350 other partners since then. The bank announced yesterday that it is the first bank to successfully migrate to the new RippleNet cloud.
Ripple describes the banking sector increasingly recognizing the benefits of a cloud-based payment solution and is therefore seeing an increase in migration to this new type of payment technology. For banks, the benefits are obvious: significantly greater agility in processing payments, greater transparency, and double-digit cost savings.
The RippleNet cloud is a great help, especially in times of the coronavirus, because site visits by Ripple employees are not necessary. Instead, the process can be configured remotely, and cooperation partners can quickly and easily migrate from RippleNet to the cloud:
Despite this global pandemic, global payments must be made immediately to ensure that daily business continues without interruption.
The Performance Bank
It says it will open more payment brokers in the near future through its cooperation with Ripple, but has not released any further details yet. Last week, Ripple CEO Brad Garlinghouse and several other top executives met with the Central Bank of Brazil.
The meeting focused on examining the needs of institutional clients and the possible cooperation of both companies. To date, no further information has been released on the background to the meeting.
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