The blockchain based digital payment company Ripple has been working with Google for a long time. Both the developers work on a fast and cost-effective transfer form. In 2013, Kevin Rose, a tech entrepreneur and the co-founder of Digg led an investment in Ripple by Google Ventures. The amount invested in Ripple was unspecified. Last year, he offered an inside look at the early days of blockchain technology along with his views on the crypto asset XRP. In an interview with tech crunch, the entrepreneur said,
“Early Ripple reminded me of a company that could come in, put some standards in place, and have these uptime guarantees and work with commercial banks and create a backbone that was based on blockchain…
[The] excitement was around creating something that commercial banks could understand and get comfortable with, because they weren’t comfortable with just random blockchain technology created by anonymous founders.”
He said Ripple has long planned to utilize the digital asset to settle global remittances.
“I never really saw the use case for Ripple [XRP] as a currency. I understood that it was going to be used as a way to handle settlement in some capacity.”
Experts believe that cryptocurrency will become widely used in cross-border payments, and that consumers will be unaware when a corporation employs digital assets behind the scenes. As it moves into the mainstream, the area is maturing, and this trend is expected to continue for the next two decades.
And it is true. Only Ripple is being used by around 400 banks and financial institutions and we can’t say where this number is going to reach in the next few years. Ripple is backed by Google but a partnership between the two is what the community is eagerly waiting for.
As both the companies work on a fast and cost-effective transfer form. And in today’s networking world, it is increasingly important to transfer money fastly and cheaply. Through Ripple blockchain, the payments can get fast with 1500 transactions per second and with 0.0004 US dollar per execution, the costs are extremely low. Customers and dealers throughout the world can save a lot of money and get a lot of benefits as a result of this.
Google has also launched its Google Pay service. Customers can pay using their mobile phone in the shop or restaurant, using their regular credit card or Paypal account. Both organisations can gain from one other in order to improve this process and make it faster and less expensive.
#XRP #Ripple
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