Recently, at the Blockchain Live event, eminent speakers of the blockchain sector gathered to discuss the future of the cryptocurrency market. During the event, Marcus Treacher, global head of strategic accounts at Ripple Labs Inc., a cross-border payment solution company, talked about RippleNet and some of the misunderstandings people had about the company's products.
Asked about what he thought was the most exciting thing Ripple was working on, Treacher responded by saying that the "most important reality" was that his payment solution was in production. He explained that Ripple has now reached the milestone of the partnership with banks and payment companies in 40 countries.
He also said that the number of banks associated with the company will increase significantly by the end of this year. Marcus said that Ripple uses a distributed registry technology for its payment solutions. He also added that XRP will be part of the payment solutions offered by Ripple. He went on to say:
"It's a blockchain technology, it's a DLT technology.We also have the XRP of cryptocurrency in the equation.We created a banking scheme that we call RippleNet, which is a cover version of the old Swift, from the 21st century."
Furthermore, he said that over the past 4 years the company has worked with banks in different countries to bring RippleNet out of the lab and into reality.
He also discussed some of the misunderstandings that people have had about the company. The boss claimed that Ripple was a "true payment company", which had an open network and included all aspects of the blockchain.
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