Ripple, in its recent Twitter post, is carrying a highlighted statement by Cory Johnson at the Yahoo Finance Summit last week:
“Moving money across borders might not seem that exciting, but if you think about what it means for the global economy, it’s huge.”
Johnson, in a discussion with Dan Write, spoke on the value that Ripple adds to the financial process and functioning of its clients. While the world is looking at multiple ideas coming from different institutions speculating their efficiency and success rate, Ripple is already in the marketplace with its products.
At least hundred financial institutions are using Ripple’s products currently. Johnson accounted for the movement of over a billion dollars across the Ripple network. Most significantly, its customer base has responded with high satisfaction due to low-cost and high-speed. The strategist, while explaining the success and potential of his network said:
“I hear back from our guys, our customer success teams; they have these stories where people’s eyes are wide open. We can’t believe it just happened like this. It’s so exciting!”
He borrowed McKinsey’s data to argue that around $27 trillion is sitting in the economy inactive, waiting to be moved across borders in “dormant bank accounts”. When this money moves into the system, its impact on the global economy is empowering.
Shifting deeper into the conversation, Johnson used a hypothetical case to reveal the impact of Ripple’s idea and its problem-solving potential:
“Think about a nanny in Japan who, is from Thailand. Whose remittance cost is extraordinarily high. She wants to send money back to her family. When that cost comes down, she can send more money back to her family. That money shows up in Thailand and gets put to use in that economy, changes the life of a family. That’s really exciting stuff. And I think that as our software gets deployed and as has reached some success, I think it really changes the lives of people in businesses around the world.”
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