Talking at the Cornell Entrepreneurship Summit that was held in NYC recently, Ripple’s chief market strategist Cory Johnson went on record to say that his firm’s suite of cross border payment solutions could really benefit major retail players such as Amazon with their day-to-day financial operations.
At the event, Johnson then went on to elaborate on Ripple’s short-term vision to enhance the overall speed and cost-effectiveness of global cross-border payments (along with their goal of getting rid of financial intermediaries such as banks).
Similarly, when asked about his company’s long term goals, he noted that Ripple technological offerings could in about 5 to 10 years time be assisting some of the biggest retailers in the world move money (as well as to pay their employees).
“We can look at the $23 trillion dollars that are laying around in nostro and vostro accounts that are sort of set up, waiting for pre-payment, because money is so slow… Amazon – probably the most capital-efficient company in the history of the world – has a billion dollars laying around in accounts to pay employees somewhere, or to pay a vendor somewhere, because the system of moving money is so slow.”
Johnson then went on to add:
“So, I can analyze all that and figure out what that looks like. I can’t imagine what a world looks like in 10 years when you can employ that worker in Bangladesh here from the States. Or a Thai nanny can send money home from Japan to pay her family, to have her family have a truly better standard of living. In places where an extra $5 a month is a life-changing difference. I can’t really imagine that, but I’m pretty stoked about it… “
To round off his talk, Cory Johnson spoke about the importance of crypto-assets such as XRP and how they will reshape the global financial system moving forward.
For starters, he pointed out that not only does XRP allow for near-instant transactions but its associated payment protocols are much more decentralized and easier to use than traditional economic platforms such as SWIFT.
“If it wasn’t for XRP’s technology, you couldn’t really truly exchange value thousands of times in a second, and because of that technology, it’s why it’s able to be so cheap.”