During the FiNext Conference in USA, Ripple’s Director of Corporate Payments, Ryan Gaylor, claimed that bank coins like JP Morgan’s do not fix the ailing issue of centralization as opposed to XRP, reported VisionaryFinanc. This statement came up when Gaylor was discussing Ripple’s partnership with Santander.
Santander Group, a commercial bank “has been planning for a day when individuals do not need #banks,” owing to which the bank felt the need to embrace FinTech solutions and partner with Ripple. While expanding on the partnership further, Gaylor stressed on the importance of working with regulators and noted that if the next disruptors in FinTech fail to work with regulators, they will be smacked down. Gaylor highlighted Ripple’s work with regulators, in this regard.
Ripple is working with regulators to mend issues related to Capital tie-ups, issues that account for a capital of nearly $5 trillion USD, globally, in order to support cross-border payments. Ripple’s products have been put to use by many financial institutions and banks to ease cross-border payments for their customers to settle within minutes. Here, Gaylor did not shy away from boasting about XRP’s volatility, when compared to fiat.
He concluded his speech by stressing that XRP settles any cross-border transaction within 30 seconds, while with fiat the risk is higher as they take around 2 days for transfers. Despite the fact that XRP shone in comparison to fiat, its volatility in the crypto-market has probably restricted its price. It has also helped the coin from plunging more than it already has, which is almost 7% in a day. The value of the third-largest token stands at $0.02560, with a market cap of $11,01 billion, at press time.