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The much-discussed blockchain company Ripple is now planning to expand its use case far beyond simply simplifying cross-border payments in partnership with domestic and international banks.
Ripple had focused its efforts solely on cross-border payments for the past five years when Brad Garlinhouse joined the company as chief executive.
Despite their unprecedented success as a provider of software solutions for financial entities, Ripple has apparently come to the conclusion that the company’s core value still lies in the associated cryptocurrency XRP and Ripple’s blockchain.
Although the company has worked primarily with banks and directly funded millions for blockchain and cryptocurrency startups, it is now taking a step back and reviewing its growth strategy.
According to a Financial Times report, Ethan Bear, the head of developer efforts at Ripple, said they were moving from “writing checks to writing code,” implying that the company was planning to go big in promoting the creation of new applications on the Ripple network.
Showing optimism about the move to make their blockchain platform equally worthy of the highly regarded cryptocurrency, Garlinghouse said he wants to make Ripple the Amazon of the cryptocurrency world:
“Amazon started as a bookseller and just sold books. We started with payments. In two years you will find that Ripple is to payments as Amazon is to books.”
The report also mentioned that Ripple was working on developer tools to help with building blockchain-based applications that explore new use cases on the Ripple network. The company announced its open source development platform in October 2019, but was previously only meant for finance-related applications.
