As cryptocurrency prices go down around us, it is getting harder and harder to maintain even a modicum of optimism, especially given the massive bull run that took place around the same time last year.
However, not all are cowed down by the prolonged bear run. Asheesh Birla, Senior VP of Ripple’s Product Management, in an interview with news portal PCMag revealed that he is not too worried about it. Earlier this year, Ripple launched several blockchain products such as xRapid, xCurrent, xVia, RippleNet, among others.
On being asked about the repeated battle for the No.2 position between Ripple and Ethereum and the day to day price factors, Birla said they don’t focus on the day to day factors, rather they prefer to look at long term effects. He said, “This is my third crash now in the crypto-market, and I am not phased by it. The flip side is that sometimes you crash and take out all the folks who are not focused on solving real problems and real use cases. And, I think you are going to see some really interesting companies come out of this next downturn.”
He opined that to make a digital app noticeable it is important to be strong in the volume and liquidity. While talking about how companies are separating blockchain and coins, he explained that the “key of blockchain is to provide a 10x better experience and if not ‘do not use blockchain'” and how blockchain companies running without coins are not really so.
He added, “So that’s been the frustrating part. When prices are climbing, people are using it as marketing either to get funding or to get rid of [their coins].”
He also reasoned that Ripple introduced this money transferring app, highlighting how eminent banks such as Citi Bank, JP Morgan and HSBC, charge exorbitant rates for cross border payments. Birla said, “Today, if you want to money across borders, you are essentially trusting Citi Bank, JPMorgan, or HSBC. Those three banks control most of the cross-border flow. Either directly or indirectly, you are going to trust those three companies to move money on your behalf and they charge whatever fees they want. If they don’t care about the emerging market or the other firms then expense just goes up and up and up.”
Talking about their plans for India, Birla stated that Ripple’s regulatory crew is closely working to build the progress where Indians can connect their bank account directly via their phones and access them and also to educate Indian regulators on the fundamentals of blockchain.
Recently, cryptocurrency exchange, Binance had also shared some similar visions of their plans in India. Ted Lin, the Chief Growth Officer (CGO) of Binance had told Crypto-News India, “We already have marketing personnel based in India to engage, to learn, and to share knowledge about blockchain and crypto with local users.”
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