Chief Marketing Strategies for Ripple, Cory Johnson, has made a bold statement about how Amazon would greatly benefit from Ripple’s suite of cross-border payment solutions.
During the Cornell Entrepreneurship Summit held in New York City, Johnson discussed about Ripple’s mission to drastically improve the speed and lower the cost of cross-border payments. When asked where he sees Ripple during the coming 10 years, Johnson stated that he can see the company’s technology playing a major role in helping some of the largest companies movie money and pay their employees on a timely, efficiently and low-cost.
“We can look at the $23 trillion dollars that are laying around in nostro and vostro accounts that are sort of set up, waiting for pre-payment, because money is so slow…
Amazon – probably the most capital-efficient company in the history of the world – has a billion dollars laying around in accounts to pay employees somewhere, or to pay a vendor somewhere, because the system of moving money is so slow.
So, I can analyze all that and figure out what that looks like. I can’t imagine what a world looks like in 10 years when you can employ that worker in Bangladesh here from the states. Or a Thai nanny can send money home from Japan to pay her family, to have her family have a truly better standard of living.
In places where an extra $5 a month is a life-changing difference. I can’t really imagine that, but I’m pretty stoked about it…
I think that generally, we’re going to see more people in more companies all over the world be able to do business together, and I think it’s fascinating. It’s not just changing business as it is today. It’s what business might look like in the future. And I think it’s going to be very different.”
Johnson also touched upon the role cryptocurrencies such as XRP could have when it comes to transforming the current financial system.
“The technology of XRP allows for transactions to happen very fast. The current state of the art in the financial industry for moving money across borders is based on a messaging platform called Swift. Swift was written in 1973 and it’s run by a consortium of thousands of banks with thousands of employees in Belgium. And in order to make any changes to the Swift network you have to get all the disparate pieces of the financial system essentially to agree on it.
So it has not been a home of innovation… And there hasn’t been a technological solution to fix that that has come up until Ripple’s products have arrived. And if it wasn’t for XRP’s technology, you couldn’t really truly exchange value thousands of times in a second, and because of that technology, it’s why it’s able to be so cheap.”
Johnson seems to have some really high hopes in the future for both Ripple and XRP. If they manage to successfully pitch their system to the largest companies around, not only will the growth of Ripple be immense, but they way business is conducted will certainly change from it’s currently slow fashioned system.
Do you think giant companies can benefit from utilizing Ripple?
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