Is XRP the potential key asset for Trump’s administration in response to China’s dominance over global Bitcoin supply? According to chief marketing strategist at Ripple; Cory Johnson, the answer is yes!
Johnson has spent a lot of time of his professional life as a journalist before moving to Ripple. Johnson recently appeared in an interview with Breaker Magazine in which he talked about the several problems which are impacting XRP and the whole crypto world in general. One of the most key things to take away from the interview was that Johnson claimed that the Trump administration is more open-minded than what was originally thought regarding the crypto space. This is very important considering how much power government bodies currently hold with regards to cryptocurrency in the United States, look at the current climate around the SEC Bitcoin ETF applications for example.
Johnson didn’t name anyone in particular but he candidly acknowledged that Ripple has been engaging regulators and politicians for regular discussions on the matters.
In the interview, Johnson said, “we’ve got a whole team that’s devoted to doing that,” adding that the efforts weren’t confined to the United States only.
So where does the administration stand on crypto?
Johnson did admit that he wasn’t expecting much to come out of the discussions with the people at the helm of affairs in Washington however, his ideology changed as soon as they started:
“I have been truly amazed at the open-mindedness, number one. And number two, the smart questions, sometimes even tough questions. There’s clearly a lot of homework going on.”
According to the marketing strategist, the government has a growing interest in the crypto space and Ripple and specifically it could be prompted by China’s overwhelming influence on the Bitcoin network. Johnson made clear that 80% of Bitcoin mining currently takes place in China – this includes Ethereum mining too. Bitcoin and Ethereum are both, with some space between them, are the two biggest cryptocurrencies according to CoinMarketCap.
Johnson then went onto say that XRP is the counter-attack for the dominance that China has in the crypto space.
“When you look at XRP, there is no mining, so from a foreign-control aspect or from an environmental aspect, XRP is a very different beast.”
He continued to claim that the administration seems to have taken a hold of the importance that Ripple and XRP have to offer and the difference they could make to the world as we know it.
According to Blokt:
“With the government in a seemingly perpetual state of confusion over crypto regulation and adoption, it remains interesting to see how long it takes, if at all, for Johnson’s optimism to turn into a reality.”
Ripple has been the news again recently regarding a US provider of foreign exchange services in the corporate sector being integrated with the use of the Ripple blockchain network RippleNet. By regularly hitting headlines, the Ripple team are helping to boost the reputation of Ripple, which in turn certainly seems to have an impact on the adoption of XRP.
XRP Breaks into UK FOREX
Moneytint, based in London with a focus on payment services for corporate customers, revealed that they are currently in an ongoing collaboration with the San Francisco based blockchain giant, Ripple.
With the offer of cross-border transactions and the currency exchange services, the payments platform has said, in a recent press release shared with CCN, that it has completed the union phase with Ripple and has now deployed the blockchain solution with payments received from other RippleNet members elsewhere.
RippleNet Is the enterprise blockchain network with over 100 members including banks, payment providers and remittance operators all around the world.
Nadeen Ladki is the director of account management at Ripple and praised the addition of the firm to RippleNet due to the ability to simplify the payouts in traditional currency in Israel. Ladki said:
“Their ability to now facilitate payouts in Israeli New Shekel – in addition to Euros – on behalf of other RippleNet members is another big step in expanding the overall network. By leveraging Ripple’s blockchain technology, Moneytint will now be able to simplify and reduce the FX conversion rates for their customers, increase the speed of settlement and offer services to new markets that would otherwise have been too difficult or too costly to reach in the past.”
The flagship product for Ripple has got to be the blockchain, enabling money transactions at the push of a button and end to end tracking and transparency on a blockchain.
For MoneyTint, membership in RippleNet has its own perks like establishing banking relationships which could otherwise take years to generate.
The chief executive at MoneyTint, Yishay Trif said:
“The processes of interfacing and approval between financial institutions, previously taking months or even years are now significantly reduced to a matter of days to a few weeks.”
What are your thoughts? Let us know what you think down in the comments below!