The cross border transaction industry has been on the cusp of glory for a couple of months now. Several organizations, mainstream or otherwise, have taken a keen interest in the growing market.
Ripple, the popular cryptocurrency organization has now claimed that other than expanding economies, the remittance market was also improving the lives of people.
Brad Garlinghouse, the Chief Executive Officer of Ripple was recently talking at the World Economic Forum at Davos where he touched upon the positive impacts of the remittance market.
According to him, changing the dynamic of the financial market to suit the need of every individual should be the number one priority. Garlinghouse added that financial organizations should consider the needs of immigrants too while creating new monetary policies.
The Ripple CEO gave his two cents on the issue of immigrants by stating:
“Those who have the least, pay the most. For immigrants, dramatically reducing the cost of remittances changes the ability for billions to participate in the financial system.”
Cross border payment systems like Ripple are on a mission to ensure that people do not need to worry about their savings just because they are in another country. This fact was also highlighted by Ripple official Marcus Treacher in a new blog. Treacher had claimed that 2020 will be the year where foreign travellers could use their native currencies to conduct purchases in multiple countries.
Marcus Treacher’s comments ran in conjunction with Garlinghouse’s sentiment of helping the immigrants. The Ripple boss was candid in mentioning that the current payments systems were skewed to benefit ‘the man’. This disparity is one of the main hindrances that cryptocurrencies and blockchain technology plans to remove.
Brad Garlinghouse envisions a future where the banking system is much more streamlined and efficient. He also commented on the rivalries between XRP and Bitcoin, calling the latter just a store of value. The Ripple CEO frankly admitted that he did not believe BTC would become a payments standard. He added that buying anything with BTC would be extremely time-consuming.
Conclusion
One of the biggest arguments for the cryptocurrency industry has been its ability to give the power back to the people. At a time when banks are accused of charging mammoth interests on the poor, it makes sense to adopt a system that is all about transferring the capital safely and securely. Comments from individuals like Brad Garlinghouse cannot be pushed away for the sheer fact that the fiat currency model is not perfect. That is also the reason why Garlinghouse has reiterated the concept of partnerships between institutional and crypto organizations.