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Not long ago, Brad Garlinghouse, CEO of Ripple stressed in an interview that the XRP is useful for the have-nots who live outside their lands of origin. In the interview that has attracted responsible attention in the last twelve hours or so, the thoughts that Mr. Garlinghouse has shared seem fair and relevant, and worthy of note.
Unassigned persons are people who do not have bank accounts at the main financial institutions. These people can not deposit and transfer money to colleagues and families so dear to them. Ripple (XRP) can come to the rescue handsomely as Brad says.
The community is not overthrown in the world is a large population and, according to a survey conducted last year, there are about 2 billion non-subscribers in the world.
Most people in that number come from developing countries in Africa. It is necessary to note that the undeveloped financial infrastructures, the expensive banking services, the low incomes, the wars and so on; all contribute to the increase in the unbanked level in Africa and some other areas of the world.
Giving the unbanked a better way to move and access money will feed a whole new section of the gloabal financial community, and #xrp it will make this possible. @bgarlinghouse why xrp is so important for migrant workers not registered worldwide #ripple #xrp #xrapid #crypto pic.twitter.com/4D5xzHjfnn
– xrp mami 💕 (@xrp_mami) November 7, 2018
The fight against scarce financial infrastructure in different parts of the world has remained, and the cryptocurrencies like Ripple's XRP are leading the fight. Ripple's CEO, Brad Galinghouse, said that giving the unbanked a good way to move and access money will trigger a whole new section of the global financial community, and XRP will make it possible.
He went on to say during the interview that,
"If banks want to serve customers, as long as they can serve them profitably. If they serve customers profitably, they will not. So, if we talk about a migrant labor force – for example, in Africa, which obviously is not making much money and is taking that money from one country to another. "
The current Ripple head kept saying,
"The cost of using a banking system will definitely outweigh the income they would have if they managed to reduce friction globally and make it easy for that little worker to keep the assets and move that asset without costing them a lots of money, would become part of the banking system or of the current global community ".
Ripple is at the forefront of helping unpaid people to demonstrate that through its blockchain protocol, adults can have the opportunity to send and receive money without the use of bank accounts in various formal financial institutions. Furthermore, non-registered citizens can enjoy the benefits of financial systems without needing an identity document; all you need is a smartphone and a good Internet connection to make transactions at low cost (and quickly).
In his attempt to help unmatched communities, Ripple's Coil collaborated with the Gates Foundation last month. The essence of the partnership is to offer payment systems all over the world for the unbanked. The collaboration will promote the implementation of an Interledger protocol and will look for the means by which Mojaloop (an open source software that helps create payment systems for unbanked) can help the world in general.
Ripple focuses on the Middle East
To share its technologies and network, Ripple decided to spread its tentacles in the Middle East, which is today one of the fastest growing markets in the world. It is important to know that Arab states make up almost 35% of the global migrant labor force.
Ripple decided to establish a base in Dubai and Dilip Rao, Ripple's global head of infrastructure and innovation, said the Middle East could benefit from Ripple's blockage as it can change the payment structure cross-border.
There is no doubt that changing global banking systems may take time, but as things seem to take shape, it may just be a matter of time before Ripple (XRP) takes over and produces a new financial structure.
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Disclaimer: this article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and / or its affiliates, employees, writers and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own in-depth research before investing in any cryptocurrency and read our full disclaimer.
Image courtesy of Flickr
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