Ripple’s Cory Johnson Says XRP Coin Transaction Fees are Significantly Lower than Banks’ Current Rates
Executive: Ripple Transaction Fees Significantly Lower Than Traditional Banking
Ripple might be one of the most controversial cryptocurrencies currently on the market. To speak more accurately, Ripple itself is not the currency. The term “Ripple” refers to Ripple, Inc., the financial services company that raised money for its blockchain-based banking protocol using a crowdfunded ICO several years ago. But the currency that they used to facilitate this fundraising is currently third on the list of top cryptocurrencies by volume, clocking in at a massive market cap and a current price of around USD $.56 per coin.
But Ripple’s very existence as a proponent of cryptocurrency in the space is a hot-button topic among some circles of investors. Ripple’s primary target clientele is large banks. As a result of this business model and prerogative, the company is, to some, the direct antithesis to cryptocurrency and the blockchain community. To these armchair philosophers, the roots of cryptocurrency are undeniably anti-establishment. They aren’t wrong, either. Bitcoin was founded by a person or a group of people that viewed it as the preliminary tool in a financial revolution.
Regardless of the ethical backings lent to the Ripple corporation by some within the crypto space, it is undeniable that their coin—and platform—has gained an immense following all over the world in the past couple of years. The market for the XRP coin manufactured by Ripple have recently turned bullish following an announcement that Ripple’s banking platform is likely to hit banks globally for the first time in the coming months.
Cory Johnson Speaks
Perhaps in an attempt to fan the flames of this explosively bullish trajectory for XRP, the Chief Marketing Strategist from Ripple recently announced during an interview with Steven Diep regarding the full extent of the platform’s effectiveness and efficiency when processing and conducting transactions. In particular, he has won the interest of news sites in the crypto space with his remark that the transaction rates on the Ripple platform are less than 1/1000th of what traditional banks can offer.
The lack of substantive fees has always been one of the cornerstones of Ripple’s appeal to the average consumer. In another effort to appeal to more than just the big banks, the marketing professional outlined during the interview what individual customers would see a significant reduction to the amount of fees they end up paying, should they or their bank decide to transition to the Ripple ecosystem.
Responding To Swift
Johnson took the high road, choosing to avoid trashing the main competitor to Ripple, Brussels financial technology powerhouse Swift. During the interview, the expert applauded the company on their efforts to reduce transaction times from around two to one day. Additionally, he outlined that the work done by Swift to unite “thousands of banks” under one system means that it is increasingly difficult for new fintech companies to “waltz” into the explosive and competitive market.
Still, though, Johnson seems to believe that the quality of the Ripple offer speaks for itself. With a lightening fast projected transaction time and unprecedented lows for transacting fees, there can be no question that Ripple is poised to shake up the financial status quo.