Facebook Libra would boost Ripple usage in banks

Ripple (XRP) was said to be threatened by the newly incepted Facebook Libra coin, but it appears that the reality is stranger than fiction and it is actually going to boost XRP usage in banks.

The CEO of Ripple, Brad Garlinghouse, appreciated the Facebook’ Libra as a lot number of users has signed up this week. He briefed at a conference in New York about the initiative of Facebook’s digital currency.

He praised David Marcus, a competent person who is running Libra. The numbers of users for Ripple also got increased, and it seems like people will no longer depend on Banks and Western Union for transactions. He regarded Facebook as a competent competitor in this field.

Ripple’s xRapid platform and the option utilizes this as a bridge to fill the gap among fiat currencies. In order to convert transactions from dollars to pesos xRpaid need no formalities whereas SWIFT demands local currency account for that process. The process of conversion on xRapid is easy and fast.

People criticize the xRapid system for its extremely volatile nature but, Garlinghouse denied these allegations. Many renowned firms have adopted the system of xRapid like MercuryFX, MIT Media Lab, Barclays, The Euroexim bank and many more are using this system because of fast remittances.

The system allows no transaction fees for purchase or sends cash. The users only need Calibra wallet for exchange.

Libra banks are aiming to be like PayPal. While, on the other hand, MoneyGram has also come in the race to adopt the xRapid system that’s worth above fifty million dollars ($50m). MoneyGram is determined to sell some extra share of value twenty million dollars ($20m) to ripple in the near future. XRP will get the most benefit from this step as it will be used by the MoneyGram in its everyday operations.