Ripple’s product was a game changer for its customers says Cory Johnson
Cory Johnson, the Chief Marketing Strategist at Ripple Labs Inc recently appeared at the MI Global Summit, held by the Milken Institute of California, wherein he spoke about Ripple’s cross-border payment solutions and its differences from the existing systems. Cory Johnson stated that Ripple was very focused on solving the “huge problem” of moving money across borders. He stated that in an era where people can send text messages from a place like Singapore to Rome in three seconds, it was not possible to send money across the border earlier than three to five days for less than 500-600 basis points with an error rate of 600 basis points. The term “basis point” was used by Johnson to indicate a unit of measure used in finance to describe the percentage change in the value or rate of a financial instrument.