Ripple Marketing Strategist Explains the Cross Border Payment Product Appeal
Ripple Marketing Strategist Explains the Appeal of the Product
In a flurry of interviews and speeches this week, Chief Marketing Strategist Cory Johnson of Ripple Labs attempted to fan the flames of an explosive bull run earlier this month by explaining to various audiences the nature of Ripple as a “game changer” for financial institutions and their clients alike. Attempting to dispel some of the biggest rumors concerning Ripple and its banking protocol, he expounded at-length on what some experts call the clearest use-case for a blockchain startup since the technology cropped up years ago.
Johnson spoke at the MI Global Asia Summit in California earlier this week. Agreeing with previous speakers, Johnson underplayed the importance of understanding the underlying blockchain technology behind his company’s product, instead choosing to focus his remarks on the upbringing and specific applications of the Ripple banking protocol in the modern financial scene. Specifically, he responded negatively to the concerns of one regulator at the conference, who had remarked that blockchain ecosystems inherently must rely on an underlying cryptocurrency incentivization.
To the contrary, Cory Johnson outlined that the first product that Ripple produced did not actually use any kind of substantive digital cryptocurrency. This is not far from the truth. Ripple’s first substantive application of a product was a method of cross-border communication tailored for global banks. Though the system being implemented by Ripple now is rumored to heavily rely on the native XRP token, this initial product did not actually involve any kind of cryptocurrency, a move which has won Ripple some heat from losing investors.
Consumer Excitement for Ripple
The cross-border payment system being rolled out by Ripple has been received extraordinarily well, according to the executive. During the same conference, he pointed out just a few statistics that highlight the effectiveness of the system, especially when compared to traditional methods of conducting international business and cross-border payments.
Johnson outlined that the company believes that it is nothing less than a travesty that, while text messages can be easily sent across the world in seconds, it takes 3-5 business days to send any kind of money across global borders. Consequently, the Ripple platform seeks to bring the financial sector up to the globalized standards that rule sectors like communication.
A customer in Mexico had seen a reduction in basis points—the financial yardstick for the effectiveness of a given transaction—from 400 to 40 points, which would be a reduction by a factor of 10x. Additionally, this same professional saw a decrease in time taken to finish the transfer, only having taken two minutes.
Ripple’s technical proficiency and clear long-term vision is best highlighted by the ever-increasing interest of customers in the growing platform. Johnson outlined during his presentation at the conference that Ripple had initially begun last year by signing an average of one customer each month. Now, he says the company is gaining a new client every six days of operation. With this rate of growth, it should not be surprising that XRP has been rated one of the top cryptos currently on the market.