Here’s Why Ripple (XRP) Is Perfect for the Unbanked
One of the primary reasons for
creating Bitcoin is to reach people in the unbanked and under-banked areas.
However, one cryptocurrency that is achieving that goal is XRP, with its
cross-border remittance practically available in all parts of the world.
XRP Helping Drive Crypto Adoption
Ripple and its cryptocurrency, XRP,
have been at the forefront of cryptocurrency adoption to the unbanked and
under-banked regions of the world. Ripple continues to release solutions that
help banks and other financial institutions carry out faster and cheaper
Roel Wolfert, a Managing Partner at
“By slashing cross-border
remittance times to minutes, #blockchain-enabled services are attracting users
who typically aren’t banked.” He made this statement in a blog post about
the contribution of blockchain technology in the Middle Eastern financial
The adoption of Ripple and XRP by
payment service providers in various parts of the globe is an important reason
why cryptocurrencies are getting more attention. A few hours ago, Wietse Wind,
an XRPTipBot developer, announced that Google and Apple App Stores accepted their
on time! ??? Our XRPayments app was just accepted by Google and Apple. You can get
the app now from the Apple iOS or Google Play store, and start accepting $XRP
for payments in your physical store! Visit https://setup.xrpay.com to download
and activate the app”
In addition, Wind says that the app converts the funds, so
it gives the recipient the exchange rate for their currency. “It doesn’t handle actual currency
conversion: it’s XRP to XRP payments,” he added.
Financial Entities Push Ripple Adoption
Ripple collaborating with several
financial bodies across the world, and they are helping drive adoption. In the
first instance, the partnership between Ripple and crypto exchanges, Bitstamp,
Coins.ph, and Bitso is crucial to XRP adoption. These three all play essential
roles for Ripple. Bitso carries out crypto transfers between Mexico and the US.
Likewise, Coins.ph serves a similar function between the US and the
Philippines. Meanwhile, Bitstamp is in charge of USD conversion using xRapid.
Another product of Ripple that is
helping drive adoption is the InterLedger Protocol. The ILP is an open protocol
suite designed for sending payments across several ledgers. Consequently, the
ILP will usher in the age of the internet of value (IoV) as it will close the
bridge between fiat and crypto and allowing fast, efficient, and interoperable
exchange to take place.
The interoperability nature of the
ILP is crucial since it has the potential to speed up adoption of XRP and other
cryptocurrencies across the globe. For example, a demo transaction was carried out using the ILP and
funds were transferred from XRP to ETH within seconds. However, the general
opinion is that Ripple’s ILP is the technology to help the internet of value
arrive and thrive in the financial landscape.
While XRP micropayments are possible
via Twitter and Reddit, XRPTipBot launching a similar service on Gmail will
help boost crypto adoption in regions lacking banking services. Google’s
internet mail service is the most widely used in the world, and allowing users
to send funds via the platform will play a significant role in pushing
The XRP community is working to
ensure that Skype integrates the service. While it might not be new, Skype
allowing XRP transfers via its platform will help boost the chances of crypto
adoption. In general, Ripple and XRP’s innovations are helping crypto adoption,
allowing people in unbanked areas to carry out fast and cheap transactions.