#Ripple’s #XRP Will Power A New Payment Layer For The Internet, Says Chief Market Strategist
Techonomy 2018, an annual thought leadership conference on the acceleration of technology and how it’s changing business, hosted an interview with the Chief Market Strategist at Ripple, Cory Johnson. He shared insights about blockchain technology and how RippleNet is utilizing XRP to power a new payment layer for the internet. Johnson pointed out the tribulations of sending money across borders. He explained how slow, inefficient, and costly the global financial system is for moving money across borders and how there is no payment layer for the internet.This is the problem Ripple is aiming to solve.In an effort to describe the way Ripple is solving this problem with XRP, Johnson provided an example of sending money internationally through Ripple’s xRapid system.With the sending of money from Thailand to the US as an example, xRapid can convert Thai Baht into XRP and send it digitally to the US across the Ripple network and then convert the XRP into USD — all in a matter of minutes. As Johnson put it:So the state of the art is, one financial institution tells the other financial institution, ‘We want to move $1,000 in Thai baht to the US right now. It’s going to result in ‘X’ number of dollars. Are you cool with that? Click Yes.’ Boom. Within a minute or two it’s done… Our notion is that there is no payment layer for the internet. We’re creating a separate internet. RippleNet is the phrase we use.
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.
XRP is the 2nd largest cryptocurrency by market cap size. Its market cap is currently $16,154,026,188 and it has a circulating supply of 40,205,513,967 XRP. It's down 8.11% over the past 24 hours and is currently trading at $0.400573