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- Asheesh Birla says in a new interview that Ripple will aggressively expand its software and XRP solutions in 2021.
- MoneyGram and Azimo will play an important role as a cooperative partner for the further adaptation of XRP.
As CNF has already reported, XRP has been performing very well over the past few days and weeks, with a price increase of 163% over the past 30 days, to a price of $ 0.61. This puts XRP at the top of the list of the best performing cryptocurrencies. In a new Lend Academy podcast, Ripple General Manager Asheesh Birla explains that the company is planning an aggressive expansion for XRP in the coming months. Especially the On-Demand Liquidity product needs to find a further adaptation:
With the cryptocurrency product, you can send I believe to three destinations around the world. We are aggressively expanding it in 2020 and 2021 … We will continue to expand ODL, On-Demand Liquidity. I said this is in some countries as destinations. We want to get global coverage of this from regulators wherever possible.
According to Birla, it is above all the regulatory framework in the world that plays an important role. Ripple CEO Brad Garlinghouse has pointed out in the past that he has often considered leaving the US as a location, as it is still unclear whether XRP is classified as a title or not. He mentioned London in the UK as a possible new location, as XRP is classified as a commodity there and is subject to clearly defined laws.
In a recent interview, he reiterated that if the United States of America doesn’t provide a clear picture, Ripple will have to move to another location, otherwise the company’s shareholders could leave. Additionally, Birla describes how MoneyGram and Azimo are the two most important users of ODL and are strongly driving international expansion:
The traction has been so good that, you know, 10% of the US dollar in Mexico, which is the largest corridor in the world for remittances, 10% of that now moves to blockchain technology, digital assets and RippleNet.
Birla also noted that more and more companies and people are realizing that banks are not absolutely necessary to move money across national borders in a cheap, fast and reliable way:
So, we’ve made quite a splash at this in a few years after launch. So this is real. People are using it. It is far superior to the traditional world where there are tons of pre-positioned excess capital all over the world just to facilitate payments which is crazy. This eliminates a lot of this because you now trust a digital asset. You don’t trust these big mega banks to transfer your money.
Ripple’s new credit product satisfies a huge demand
Birla closed the podcast with the prospect that Ripple will market its new “Line of Credit” product even more strongly in 2021. This is currently available to all RippleNet customers in beta and is used to raise capital on demand. The product is particularly attractive to fintechs and small and medium-sized enterprises (SMEs), as they can borrow XRP to use loans for any market, regardless of shipping destination or Fiat currency.
Birla said the current traditional financial infrastructure is unable to sufficiently meet the growing demand for loans due to the crown pandemic:
I think, you know, there are other areas besides listening, loans are reduced, payments are reduced which open up many more, you know, white spaces in which to innovate. One, in particular, is e-commerce. I think with COVID you have seen an explosion in e-commerce growth. I don’t think you have the right kind of financial infrastructure to support this kind of company, so it’s something I’m looking forward to in terms of innovation and construction for the next year.
You can listen to the full podcast here:
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