Phillip Nunn Changes Position on Ripple (XRP), They Will be the “Microsoft of Crypto”
There has been a long held and persisting debate in the cryptocurrency community as to whether or not XRP, the cryptocurrency commonly associated with Ripple, is truly useful, or if it simply a cash grab by Ripple. Despite this, detractors are beginning to take note of the widespread utilization of XRP, making some of them change their positions.
Phillip Nunn, the CEO of Wealth Chain Capital, is one such XRP detractor who is changing his position on Ripple, explaining his new position to his 31,500 Twitter followers, saying:
“I’ve never been a supporter of #ripple $xrp. But boy they are making some serious moves. And the fact I have issues with their offering are being put aside for now as they become so important in flying the #crypto #blockchain flag… They will become the Microsoft of #crypto.” The practicality and usability of XRP became increasingly clear over the past few days with the announcement of xRapid going live. This was followed by the news that multiple major companies have already signed on to use the xRapid settlement system, which utilizes the cryptocurrency to facilitate cross-border transactions.During Ripple’s Swell event earlier this week, Brad Garlinghouse, CEO of Ripple, took to the stage and announced that xRapid would be going live. He added that Mercury FX, Cuallix, and Catalyst Corporate Federal Credit Union would be the first three customers using xRapid.Despite not signing on any banks to their xRapid system, Ripple claims that banks will not be the first xRapid customers. However, he claims that they will naturally progress from using xCurrent, which is blockchain based, to xRapid, over the next few years.
About Ripple's (XRP): Built for enterprise use, XRP offers banks and payment providers a reliable, on-demand option to source liquidity for cross-border payments. Using XRP, banks can source liquidity on demand in real time without having to pre-fund nostro accounts. Payment Providers use XRP to expand reach into new markets, lower foreign exchange costs and provide faster payment settlement. XRP consistently handles 1,500 transactions per second, 24x7, and can scale to handle the same throughput as Visa. XRP's five-year track record of stable technology and governance makes it ready for institutional and enterprise use.