Ripple senior vice president and product management, Asheesh Birla recently released an interview on the CNBC show, CryptoTrader, during which list of aspects concerning the distinction between Ripple and XRP, as well as the uses of cryptocurrency have been discussed.
While discussing the use of the XRP token, Birla highlighted cross-border payments as one of the key factors for the company. "The ripple, in the years since its inception, realized that the specific cases of cross-border payments have been very frictional, so this has pushed the company to build a series of products that would have contributed to the ease of the process. in the area of cross-border remittances, "said the vice-president.
Birla also talked about the very first Ripple product for xCurrent stating that it has the main purpose of fostering communication by continuing that while it is xCurrent's main purpose, "it has helped to transfer value to legal currencies. encrypted … And so if I wanted to exchange US dollars with Indian Rupees, you could do it but it would not necessarily imply a digital asset like XRP natively. "
As you talk about another xRapid product, Birla has brought the example of Mexico where users are able to transfer money within seconds using their product. He continued explaining the xRapid operation, saying, "So the experience is that you send the system US dollars for example … And you convert to XRP, move XRP to Mexico and then a local exchange in Mexico it will convert it to Mexican pesos and payouts.The whole process takes only a few seconds compared to the days it takes today, the amount of friction needed for, you know, open accounts in new countries, have pesos and so on So I'm really excited about xRrapid. "
The complete interview of Asheesh Birla is available here.