The head of Ripple's product has just released a wide-ranging interview Crypto Trader of CNBC.
The one-on-one discussion addresses the use cases of the XRP and Ripple software suite of solutions, including xCurrent and xRapid.
When asked why financial institutions would risk transferring value using xRapid, which uses XRP, Asheesh Birla said overa The costs and volatility involved are much lower than the fiat.
"We asked our customers – and using xRapid, the volatility that our end customers use, xRapid end customers use, are just a few seconds, so we asked them:" A few seconds of XRP volatility – how do you do you hear about it? "
And overwhelmingly they said," Listen, I'll take a few seconds of XRP volatility against holding Mexican pesos for weeks or months, as I have to. Because the volatility of some seconds of XRP compared to the volatility of a week in possession of a local currency is a huge difference. They will take the seconds in XRP every day. "
According to Ripple, small financial institutions and start-ups are more likely to achieve significant savings using xRapid for cross-border transactions, for example, Western Union recently announced that its XRP tests have not spared money compared to its existing business model.
Birla also compared the utility of XRP to Bitcoin and responded to the criticism that XRP is too centralized due to the direct involvement of Ripple the ledger and the fact that it possesses 60% of the total supply, with 91% of that investment blocked under warranty.
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