The CEO and co-founder of Xago, Jurgen Kuhnel, explained that although they love Bitcoin (BTC), XRP is here to solve their problems.
Xago is a South African startup that allows individuals to handle the XRP cryptocurrency. He said that during a recent interview with NewsLOGICAL on October 26.
XRP is Better Than Bitcoin for Xago
In the interview, Kuhnel explains why they’ve decided to adopt XRP rather than another cryptocurrency. He has also talked about Libra, the cryptocurrency announced by Facebook a few months ago.
As Mr. Kuhnel explained, they love Bitcoin and what this cryptocurrency stands for. However, Bitcoin is not necessarily the best-suited solution for retail payments.
Moreover, he stated that they are working with their exchange to build liquidity for the XRP cryptocurrency.
On the matter, he commented:
“We love Bitcoin and also love what Bitcoin stands for, but for retail payments Bitcoin in its current form is not suited to the task. The purpose of our exchange is to build liquidity for XRP in the countries we will be expanding to.”
Back on October 9, UseTheBitcoin reported that Xago launched an XRP gateway and exchange for users to trade, send and receive XRP.
The main goal behind it is to offer a solution that would bypass traditional payment rails and card processors. According to Kuhnel, this would help the market build a new payment system ‘from the ground up.’
Furthermore, he stated that they love Bitcoin and what this cryptocurrency stands for but XRP is better suited for retail payments.
It is necessary to have XRP liquidity in every currency pair so as to perform the full end-to-end payment with XRP.
Xago is a platform that is directly integrated with the XRPL, which is different from how other platforms of solutions are currently working in the market.
In addition to it, Kuhnel mentioned that they use a unique pegged ordering system. This system pulls price data from the largest USD exchanges and the latest exchange rates to be able to determine the correct ZAR price for XRP.
This is a very helpful tool because it can be used to eliminate the premium that individuals in South Africa pay for XRP.
Kuhnel has also talked about regulations explaining that the Central Bank of South Africa has been quite progressive regarding crypto regulations. In the future, KYC, AML and CTF requirements could apply to exchanges and crypto companies in the country.