Ripple’s (XRP) Global Head of Strategic Accounts, Marcus Treacher has said the company is looking to rework how banks move value between each other.
Treacher made the comment during an interview on the sidelines of the recent Citi Digital Money Symposium organized by Citi Bank.
Ripple is a digital asset and a real-time cross settlement platform created on an open-source internet protocol. Also, Ripple enables fast and secured cross-border remittances, which are almost free.
Treacher purports the fact that Ripple is making sure money transfer is changed.
Blockchain technology has the ability to change money transfer. Even though this technology hasn’t been adopted as it should be, due to the fact that it is still in its juvenile stage, but many people are beginning to acknowledge its ability to change the world.
During the interview, Treacher said:
“what we (Ripple) are trying to do is to re-work how banks move value between each other and we always work with banks. We have a strong partnership with the largest banks in the world which we are using to work with us to really build-out our solution to benefit the banks and Ripple.”
However, Treacher also purports the fact that Ripple is making sure money transfer is changed.
“Banks are focused on blockchain because that’s where the increase of the value that can be provided for their end customers in terms of efficiency, speed, accuracy, and awareness. It all kicks in using blockchain technology and in Ripple’s case, its net of value version of that creates a significant value of proposition for their customers worldwide.”
The Strategic Accounts Global Head of Ripple further went on to say that,
“the digital asset element really comes into play in the financial services contacts for managing liquidity and flows between different value stores in different fiat currencies. What I mean to say is that, if you are moving Dollars to Euro, both currencies are very high liquid currencies and can move very quickly.”
Treacher added that,
“If you happen to fund a currency which is ‘illiquid’, then that’s a difficult proposition for a company which happens to buy goods in that country or pay people in that country. In that case, using a digital asset to fund these accounts when required – ready for payments to happen, is a difficult proposition.”
When asked about how digital asset (XRP) will play a major role in providing liquidity, Treacher opined:
“so there are two levels of value, one is the immediate payment, which is the blockchain value. While the second is the delivery of liquidity, which is really where we see one of the major value of propositions for the digital asset in the future.”