XRP community pundit Ashley Prosper compiles a list of statements from top individuals and leading financial institutions highlighting XRP’s unique utility.
Prosper, a well-known figure within the XRP community, recently curated a collection of statements from prominent financial institutions and industry leaders, calling attention to XRP’s unique value proposition.
Ripple’s Vision for Cross-Border Payments
His aim was to reinforce XRP’s significance, particularly in cross-border payments—a field where Ripple has made significant strides.
Ripple CEO Brad Garlinghouse has been one of the most vocal advocates for XRP’s utility. Cited by Prosper, Garlinghouse has continued to emphasize XRP’s role as a bridge currency. In May, he confirmed that Ripple is still 100% behind XRP despite prevailing comments suggesting otherwise.
#XRP #XRPCommunity
We keep telling you XRP is the one. But you just won’t listen. Maybe some of these quotes will help you see the truth.
👇
Brad Garlinghouse
“XRP is a bridge currency. We believe it has the potential to reduce liquidity costs and enable faster, lower-cost…— Ashley PROSPER (@AshleyPROSPER1) August 12, 2024
This is a significant advantage over traditional systems, which are often slow and costly due to the involvement of multiple intermediaries.
Adding to this perspective, David Schwartz, Ripple’s CTO, has described XRP as being designed to be a better version of Bitcoin. Schwartz remarked that XRP improves on some of the features of Bitcoin while speaking at an AMA organized by The Next Web in August 2018.
He emphasized that Bitcoin’s proof-of-work consensus mechanism is expensive and is not as decentralized as touted. The Ripple CTO further asserted that PoW does not have any viable answer to any majority attack that might emerge. The XRPL addresses all these issues.
Endorsements from Leading Financial Institutions
Prosper’s compilation includes endorsements from several leading financial institutions. A notable mention is Bank of America, which highlighted in a 2019 report that Ripple’s technology is useful for being able to settle cross-currency transactions quickly.
Prosper also spotlighted remarks from Bank of America’s vice chairperson for Global Strategy Cathy Bessant. While the remarks could not be verified, reports from 2019 did suggest that Bank of America was quietly looking to leverage Ripple’s technology.
In addition, Bank of America released a report last July on the payment sector in the Asia Pacific (APAC) region. The report acknowledged Ripple’s role in facilitating efficient cross-border settlements within the region.
Prosper also mentioned JP Morgan with the bank stating that if Ripple wins its ongoing lawsuit with the SEC, XRP could see significant adoption. The investment bank noted this in a research report published in November 2021. The recently concluded legal battle was a focal point for XRP’s future.
XRP Global Recognition
Christine Lagarde, President of the European Central Bank, is another individual that has recognized Ripple’s efforts. In a previous statement, Lagarde discussed Ripple’s work toward improving the efficiency of payments amid an imminent disruption of banking.
Moreover, in a 2020 report, the World Economic Forum (WEF) has identified XRP as one of the most important cryptocurrencies for cross-border payments. This endorsement from a globally respected organization underscores the potential of XRP to play a pivotal role in the future of international finance.
During the 2023 WEF Annual Meeting, Ripple discussed cross-border payments and the prospect of providing liquidity. The firm called attention to the expanding use case of blockchain technology in the mainstream financial scene.
In addition to these endorsements, Jesse Lund, a former executive at IBM, commented on Ripple’s approach with XRP. Lund, who was the Head of Blockchain Solutions at IBM, praised the use of XRP for payment settlement. These comments came on the back of the introduction and of IBM’s World Wire payment system in 2019.
SBI Holdings, a Japanese financial services company and a key Ripple partner, has expressed confidence in XRP’s potential to become a standard for cryptocurrencies in the cross-border payment scene. Yoshitaka Kitao, the CEO of SBI Holdings, has consistently advocated for XRP.