Ripple is thriving off the failures of antique SWIFT system, market analyst tells Boom Bust
Ripple, the company behind cryptocurrency XRP, has raised US$200 million in its latest investment round - bringing its valuation to $10 billion - as the startup aims to further grow its cross-border payments business.
FILE PHOTO © Global Look Press / Klaus Ohlenschlager
However, the success of the San Francisco-based firm, with its growing base of consumers sending live payments, did not result in a huge movement in XRP, which has the third-largest cryptocurrency market capitalization behind bitcoin and Ethereum. This can be explained by the fact that the token is a “specific kind of crypto,” making it uninteresting for regular investors, according to Jeffrey Tucker of the American Institute of Economic Research.
“That does not mean it’s not going to change the world. I think it’s an extremely important technology, because it’s thriving off the failures of this antique SWIFT system,” the analyst told Boom Bust.“Our legacy financial systems are incapable of dealing with the new age of globalization so taking crypto to kind of fill this market niche... and XRP has been really valuable in that sense.”
Xrp, ripple is the best technology for money transfers
Would be good if it wasn't based in SF, maybe in any other city around the globe that is not controlled by the US which can simply impose sanctions on entire nations with a dumb president accepting to do so.
Posted using Partiko Android
To listen to the audio version of this article click on the play image.
Brought to you by @tts. If you find it useful please consider upvoting this reply.