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Aranda: “We are fundamental believers in the importance of payments.”
Editorial Team

According to a report of AMBcrypto.com, Xpring MD Dan Aranda, in a talk with Clem Chambers, spoke about the relationship Ripple has with payment providers.

He also spoke about the various on-ramps into the digital asset, while talking about XRP as a digital asset. These ramps are services just like exchanges which allow the XRP token to be converted into dollars, euros, and others.

He said:

“When we’re working with MoneyGram that that’s a normal kind of very traditional like vendor relationship like we are selling them a piece of software to do cross-border payments…we’re not really offering to consult, it’s more we’re building solutions on a protocol. So think about Google on top of the Internet, you’re building software services that make the underlying protocol used for functional economic use cases”

Aranda also stated that he and Ripple are “fundamental believers in the importance of payments.” He continued speaking about the non-existence of a consolidated payment system; instead, it is right now simulated through “layers” such as Visa, MasterCard, and Swift.

He stated:

“We thought that a decentralized architecture of Blockchain technology and these public ledgers could really help kind of interoperate a lot of these different systems.”

He also said that Ripple has signed agreements with around 120 financial institutions around the world, while they are gaining one bank per week for production contracts.

He finally spoke about the cost saving for the bank by using Ripple’s products. Financial institutions want to get past the hard cost-border payments and “pass those savings on,” said Aranda.

“I don’t think the real value proposition and the business case for adopting crypto-based solution are going to come around cost savings. I think that’s part of it but I think there’s been a lot of focus that I think is a bit wasted on how much can these technologies really kind of remove costs or improve processes. I think it’s about growth it’s about revenue potential”

 

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