Cofounder and TransferWise chairman, Taavet Hinrikus recently appeared in the recent episode of Fortune's "Balancing the Ledger" to talk about blockchain technology. In his speech, Hinrikus highlighted Ripple's technology in particular and shattered professional forecasts on its development in the market.
Taavet Hinrikus began by saying, "We have heard this dream many times from different people, but if you start digging into it, you realize that it might look fantastic on paper, but actually, to make use of it, it's really difficult. blockchain technologies, but we have not yet found anything that allows us to do what we do in a cheaper or faster way ".
The co-founder highlighted the lack of adoption of the new technology by the banks as one of the key challenges currently. And because of today's fintech companies that find cheaper ways to transfer money, "unless the blockchain technology needs to be clarified to make it worthwhile to move to higher".
TransferWise is a startup based in London. The company transfers money between over 70 countries. The key advantage of their system is the fast transaction time they provide; Payments from Australia to the United Kingdom only take 15 seconds. The rates applied are also 1% or even lower.
While commenting on Ripple's solutions, the company's leader nevertheless noticed that he does not currently see a better proposal than what TransferWise currently offers to customers.
"If all the banks in the world were to pass through the Ripple network, it would be surprising, yet, 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 … if any of them have enough adoption, and in fact it helps us physically to do cheaper and faster things, we would like it a lot, but so far we have not found one ", continues Hinrikus.
After explaining how their system is able to cut costs and provide faster solutions, Hinrikus concluded the piece by stating: "This is the only way we can really do things ten times better than the existing options we see out there".