Senior Vice President and Product Management of Ripple, Asheesh Birla recently gave an interview to CNBC show, CryptoTrader, during which list of aspects regarding distinction between Ripple and XRP, as well as uses of the cryptocurrency were discussed.
While discussing the use cases of the XRP token, Birla highlighted cross-border payments as one of the key ones for the company. “Ripple, across the years after its inception, realized that specific cases of cross-border payments had a lot of friction. Hence, this pushed the company to build a set of products that would contribute to the ease of process in the area of cross-border remittance”, said the VP.
Birla also spoke about Ripple’s very first product of xCurrent stating that it has the main aim of accommodating communication continuing that while it is the main purpose of xCurrent, “it did help transfer value for fiat currencies. That means non-crypto currencies… And so if you wanted to trade US dollars for Indian rupees, you could do that but it wouldn’t necessarily natively involve a digital asset like XRP”.
While talking about another product of xRapid, Birla brought the example of Mexico to where users are able to transfer money within seconds via their product. He went on explaining the operation xRapid, saying: “so the experience is that you send the system US dollars for example… And it converts to XRP, moves the XRP into Mexico and then a local exchange in Mexico would convert that to Mexican pesos and payout. That whole process takes just a matter of seconds versus the days that it takes today, the amount of friction needed to, you know, opening up accounts in new countries, having pesos and so forth. So really excited about xRrapid”.
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Full interview of Asheesh Birla is available here.