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In order to improve financial transactions between banks by making them faster, cheaper and more reliable, Ripple has already managed to attract large financial institutions to its network, including Santander, BBVA and RBC. Ripple took another major step in expanding into Asia by announcing plans for a new office in Singapore, today’s Asian FinTech Innovation Center. With an experienced leadership team and the ever-growing Ripple network, the company’s prospects look promising.
Although Ripple offers a destructive solution to the real problem, a large group of individual investors in the block industry are angry with the company. The main problem that the blockchain community seems to have with Ripple is the fact that it is completely centralized and that they aim to increase the effectiveness of the global financial system. This is at odds with the beliefs of the stubborn block community, which wants to bypass this (in their opinion) unreliable and irresponsible industry using cryptoLooks and Blocks.
Ripple’s only goal is to make transactions between financial institutions more efficient and has repeatedly stated that they are not interested in facilitating transactions between individuals.
What does Ripple actually do?
At present, our global banking system is experiencing a lot of disappointments in international financial transactions. We, as bank customers, experience this when transferring funds to other countries, as this may take 3 to 5 days. Taking a plane with a bag of money is still faster than most international transactions.
However, we are only experiencing some of the problems with these transactions. Most of these problems are faced by banks. Since financial transactions tend to pass through multiple intermediaries there is a high failure rate, the process is costly and slow and there is no coherent global network or structure for these transactions. Ripple strives to make this process incredibly effective by using the blockchain technology and its own XRP crypto