Did MasterCard Mentor Ripple in 2011?
Ripple is one of the most important companies in the cryptocurrency world. One of Ripple’s most distinguished characteristics is that it relates with the financial world in several ways. Indeed, the company was able to create one of the most extended payment solutions for cross-border transactions around the world.
However, is not so simple to start growing and create such an important business. How did Ripple get the attention from the financial sector in a seamless way? Apparently, Ripple has been related with MasterCard when the company started working with its products.
These rumors have been backed by the current Executive Vice President at MasterCard, Colleen Taylor. During an interview, she said that MasterCard was crucial to support Ripple when they were discovering what they could do with their ideas.
A part of the conversation has been released by Steven Diep on September 11.
Colleen Taylor – currently Executive Vice President at #Mastercard – used to mentor #Ripple back in 2011 helping them scale with a spirit of generosity. Her mindset is "we have scale, you have agility and we can work together" pic.twitter.com/Y1TWsHl3jV
— Steven Bull From the Diep (@DiepSanh) September 11, 2018
In this interview, Mrs.Taylor explains that Ripple needed help to get the expertise about how to expand in such a competitive industry. This happened between 2011/2012 when Ripple came in order to have a strategic advice for scaling their products.
Taylor said that in the past, companies such as MasterCard, were afraid of smaller startups because in the future they could be a threat to their business. However, MasterCard did not think about it and decided to help Ripple and give them a chance.
She then commented that she spent some days with them developing strategic plans for their products. Ripple had ‘the agility’ and MasterCard ‘the scale’ so both companies matched perfectly.
Moreover, Taylor explained that companies do need a program that goes beyond the incubation. This is something that would allow these new companies have contact with potential clients, banks, and financial institutions. In this way, they are able to scale.
At the moment of writing this article, XRP is being traded around $0.271 dollars and has increased 5.39% in the last 24 hours.
Ripple is changing several aspects of how financial companies process cross border payments. Their network has more than 100 different financial entities and in the future this number will keep growing with new partnerships. At the same time, Ripple is in constant expansion and it will be reaching new markets in the near future.