Cory Johnson, the Chief Market Strategist at Ripple, mentioned that Amazon and other retail companies could benefit from Ripple. He explained that such companies have several millions of dollars in nostro and vostro accounts because of how slow money is. Ripple provides cross-border payment services to financial companies and banks.
Amazon Could Benefit from Ripple
Ripple’s Cory Johnson is very positive about the solutions that Ripple could provide to retail giants such as Amazon. At Cornell’s Entrepreneurship Summit in New York, Johnson commented about Ripple’s intentions to change the financial world. He believes that the technology created by Ripple is able to improve cross-border payments across different countries.
About Amazon, he said:
“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.”
He went on explaining that he cannot imagine how the world would look like in then years. Any company would have the possibility to employ a worker in Bangladesh being in another country. According to him, there are places where an extra $5 a month is a life-changing difference.
Johnson has also talked about XRP, the popular virtual currency. He said that XRP allows transactions to be performed very fast. He has also criticized the SWIFT system that is currently used by financial institutions and companies to send payments around the world.
“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,” said Johnson.
There were some rumours in the past regarding a possible partnership between Ripple and SWIFT. However, it seems that this would not be possible to be performed. Indeed, Johnson himself mentioned that the intention is to replace SWIFT, not cooperate with it.
– Ripple is meant to replace SWIFT
– XRP is meant to be a digital way to move value
– All of Ripple's customers are using both Ripple and SWIFT
Cory Johnson, Ripple
— Steven Diep (@DiepSanh) January 3, 2019
At the moment, there are banks and other institutions that are using both SWIFT and Ripple’s services. During 2017 and 208, Ripple has been expanding all over the world. The cryptocurrency and blockchain company has been working with companies located in many different countries.
A few months ago, Ripple released one of its core products called xRapid. This would allow companies to settle payments in just a few seconds and reduce costs between 40% and 70%.