Cory Johnson discusses XRP, Ripple's native cryptographic asset
Because Bitcoin (BTC), the world's first blockchain-supported cryptocurrency, was found untrustworthy by US regulators, the discussion has raged over the legal status of other major cryptographic resources, such as Ripple's XRP, Ethereum (ETH) or Monero (XMR).
Speaking with Molly Jane Zuckerman in an exclusive CoinTelegraph interview, Cory Johnson, chief marketing strategist at Ripple, based in San Francisco, tried to bring clarity to the legal debate on XRP security and security.
Surprisingly (or surprisingly for some), Johnson noted that "it's really clear" to those of Ripple, an important financial technology startup (fintech), that XRP should not be classified as security, noting that the "relationship" "by Ripple is proof of this. "What the industry leader seems to allude to is the fact that Ripple is just a company that relies on XRP accounting and that the relationship between the two separate entities is often misunderstood.
Speaking of a more pertinent point, Johnson, who has worked in Bloomberg TV and Jim Cramer in TheStreet.com in the past, noted that consumers can "buy all the XRPs that you want", but does not grant owners token access to "a dime" of Ripple profits, earnings per share, dividends, interest, etc. The longtime entrepreneur has elaborated, observing:
God forbid, if this company were to go away, it would be a very sad day for the Johnson family (him), but it would not make a difference for XRP. The resource continues to exist separate from Ripple. And so, for that reason, I think when the SEC gives a good look at this, and we know that they are starting to do this work, they will recognize that the cryptographic resource is not so clearly a security.
At this time, it is faster to send money in a suitcase than through the traditional infrastructure – Because XRP and Ripple are important
As revealed by Johnson later in the interview, fundamentally, contrary to popular belief, the fastest way to move fiat currency is to pack it and jump on a plane. Noting that this is obviously "ridiculous", Ripple's executive first noted that traditional money transfers from New York to London are not the most pertinent problem, adding that it is an apparent problem when consumers and institutions want Issue exchanges for their Thai South African Rand Baht, which may take days and is subject to the fallible nature of human beings.
Which implies that money transfers should be as fast as online communication, the important entrepreneur added:
We live in an era – I mean, you and I send text messages to friends abroad in a few seconds, we send an email with an attachment, with an Excel spreadsheet, with all types important data in seconds, but it takes days to move money. It's crazy, is not it? This causes businesses the loss of business and increases the cost for people who transfer money to their family.
The Ripple Team echoed this sentiment in a recent blog post, which was appropriately titled "Faster cross-border payments should not require a boarding pass. "Underlining that its goal is to make global payments without friction and the movement of free and immediate (or almost instantaneous) money." Give a little bit of updating on RippleNet, which allows financial institutions to send and settle payments international "on-demand", noting that the system is now active in more than 40 countries on six continents, allowing RippleNet users to "provide faster service, a cheaper and more transparent payment experience for their customers all over the world. "
Title Image Courtesy of Etienne Martin Via Unsplash