Crypto payments company Ripple has launched an ad promoting the use of XRP in the cross-border payments market, which is expected to reach more than $300 trillion in the next six years.
This ad has recently attracted a lot of attention in the XRP community. Edoardo Farina, head of social adoption at XRP Healthcare, retweeted the ad in a post yesterday.
Notably, the ad features Ripple’s head of payment products, Pegah Soltani, who reveals the principles of blockchain-based payments.
Soltani first pointed out the huge amount of money that is transferred internationally each year. At the same time, she stressed that this figure is expected to reach a staggering $300 trillion by 2030.
Despite the expected surge in cross-border transactions, Soltani expressed concerns about the current state of global payments. She noted that the current system is often known for high costs, slow transfers and being prone to errors.
Meanwhile, Soltani expressed optimism by highlighting Ripple’s innovative approach to comprehensively reinventing global value transfer. Specifically, Ripple leverages blockchain technology and digital currencies such as XRP to provide faster, more cost-effective and transparent payment solutions to their corporate clients and end users.
As an illustration, the Ripple payments chief presented a real-life scenario in which a business was looking to transfer pounds from the UK to the Philippines. The process begins with a business requesting a quote for foreign exchange rates and pricing.
After receiving and approving the quote, the business proceeds to provide payment instructions. In the visual presentation, XRP is the intermediary currency that facilitates the transfer from the UK to the Philippines.
These funds are then converted into local currencies through Ripple's extensive global network of partners. Therefore, the recipient in the Philippines gets the exact amount originally quoted, in the desired local currency. Remarkably, all of this happens almost instantly, according to the ad.
Optimism in XRP’s Utility
Notably, the use of XRP in the Ripple payment network remains a source of enthusiasm among many supporters regarding the potential for increased XRP market value in the future.
Given the projected $300 trillion payments market size, some have even speculated that XRP could eventually reach a value of $10,000 per token. However, experts mostly consider these predictions to be fanciful, especially considering XRP’s current price of just $0.52.
Additionally, it’s worth noting that, by Ripple’s admission, its use of XRP for payments is demand neutral, meaning it has no impact on price action, either negatively or positively.
Disclaimer: This content is for informational purposes only and should not be considered financial advice. The opinions expressed in this article may contain the personal opinions of the author and do not necessarily reflect the opinions of The Crypto Basic. Readers are encouraged to conduct thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
English 
Chinese (Hong Kong) 
Chinese (China)