Co-founder and Executive Director of Ripple talks about his vision of how cryptologia and the blockchain will change the global payment system.
At the conference Crypto Finance in Half Moon Bay, California, Chris Larsen said that, in his opinion, the payments — this is a killer app blockchain, and told how to use Ripple XRP to pay payments around the world.
“xRapid, RippleNet is a component allowing to suppliers payments to reduce the value and liquidity of global payments. Thus, technology allows, for example, the Bank to send money to Mexico using XRP. They are not required to use XRP, but a token exists in order to make such operations very efficient.
Thus, the client is sent to the company to transfer money in the United States. Those dollars are now exchanged for XRP via Bittrex, which is a great exchange. Funds are immediately converted into XRP in a few seconds. After that exchange Bitso enables the exchange between the XRP and the Mexican peso, which now can be delivered to a Mexican Bank.
This enables suppliers payments to banks and their customers to move money for one or two minutes compared to days required by the old platform to conduct payments.”