Co-founder and CEO Ripple talks about his vision of how cryptotechnology and the block system will change the global system of payments.
At the Crypto Finance conference in Half Moon Bay, California, Chris Larsen said that, in his opinion, payments are a murderous blockchain application, and also told how Ripple will use XRP to pay payments around the world.
"XRapid, is a component of RippleNet that allows payment providers to reduce the cost and liquidity of global payments. Thus, the technology allows, for example, a bank to send funds to Mexico using XRP. They do not have to use XRP, but the token exists to make such operations very efficient.
Thus, the client goes to the company to transfer money to the US. These dollars are now exchanged for XRP via Bittrex, which is an excellent exchange. The tools are immediately converted to XRP in seconds. After that, Bitso Exchange provides an exchange between XRP and the Mexican peso, which can now be delivered to a Mexican bank.
This allows payment providers, banks and their clients to move funds in one to two minutes compared to the days that are required by the old platform for making payments. "
Larsen says that xRapid and the block-based software package are designed to create not only a fast and inexpensive system, but also a reliable, zero-failure rate.