Home / Ripple / Ripple [XRP] – TransferWise to stay away from Blockchain technology until Ripple shows a further adoption

Ripple [XRP] – TransferWise to stay away from Blockchain technology until Ripple shows a further adoption

trasnferwire talks about ripple

CEO and co-founder of the renowned money transfer service TransferWise, Taavet Hinrikus, he recently said that after studying ripple of RippleNet, a high-speed payment solution, did not find any reason to use it given the current adoption level.

In an interview with Fortune's "Balancing the Ledger," Hinrikus confessed that he was very excited about the possibilities of Blockchain and what it had to offer, but that its current operational reality alone represented a new set of challenges.

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"We looked at different blockchain technologies, but we did not find anything that would allow us to do what we do in a cheaper or faster way", He said.

Similarly, the co-founder of the UK-based company expressed his views on Ripple and RippleNet, a platform that like his, facilitates the implementation of cross-border payments between banks almost instantly but using Blockchain technology and not the considers it better than the alternative that TransferWise currently offers, emphasizing the levels of adoption.

"If all the banks in the world were to pass through the Ripple network, it would be surprising, but how many banks are using Ripple in production today?" It's a very short list, in this sense we are big supporters of Ripple or anything else. he has enough adoption, and actually helps us materially to do cheaper and faster things, we would like to, but so far we have not found one ", He supported.

Curiously, his appreciation is similar to that of Western Union & # 39; s CEO Hikmet Ersek, who last June said his company put Ripple on a six-month trial period without seeing any real benefits.

Information on TransferWise

TransferWise is a money transfer service developed in Estonia and based in the United Kingdom, which was released in January 2011 by Kristo Käärmann and Tavett Hinrikus. He currently moves money between more than 70 countries and has offices in several cities, including New York and Singapore.

It supports more than 300 currency routes worldwide, in addition to accounts in multiple currencies, it processes cross-border high-speed transactions for a commission of 1.5%, so they see very few advantages in the adoption of Blockchain technology, at least in the short term.

To maintain this commission, they have renounced most of their overhead branch expenses and now offer most of their services via the Internet, while using state-of-the-art technology to keep the process running smoothly.

Its key innovation was the construction of its payment network, which allows them to bypass the SWIFT system in which banks around the world trust to transfer money between them. Eliminating the intermediary, TransferWise can transfer money directly to customers' bank accounts.

For his part, Ripple recently revealed its agreements with major banks such as PNC Bank, Santander, and many others in order to incorporate RippleNet into their product and service listings, even though most of its banking clients are located in Asia.

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