Ripple’s chief marketing strategist Cory Johnson says XRP is Bitcoin on steroids.
In a new interview on the Fintech Focus Podcast, Johnson outlines what Ripple does and why the company has decided to utilize blockchain to work directly with banks and financial institutions.
“We’re trying to solve this really big problem, which is moving money across borders. It is insane in this era of technology when I can send a text message to a friend in Rome with emojis and a gif attached to it, or I can send an email to a friend in Capetown, South Africa in three seconds with an Excel spreadsheet attached and all kinds of information. But I can’t send anything of value. I can’t send value or money with anything less than 500 or 600 basis points of cost, and it’ll take me three to five days.
That’s crazy, and it doesn’t reflect the best of technology. So we have a handful of software products that I think do reflect the best of technology, that move value and money across borders in seconds, not days, and for less than 100 basis points instead of hundreds of basis points. And the software is deployed by banks and financial institutions so that know-your-customer rules and anti-money-laundering rules are all obeyed by the banks as they are now. But they use our software to move the money more quickly and more cheaply…
A year ago, Ripple was signing a new customer every six weeks. Now, we’re signing one every six days. So it’s a really dramatic difference in terms of what’s happened. But I think that it’s still so early because we’re still selling it. I think there will be a day when the banks who are using our software are so happy that they’re getting the accuracy they want.