Thursday, March 15, 2018

BBVA Successfully Transfering Funds Internationally Via Ripple

Good news is hard to find in the crypto space this week. Many are once again on the "Bitcoin is really dead... this time!" bandwagon again (the Bitcoin Obituaries will probably be busy for a while here). There is good news out there though, and if you can spot it in the torrent of FUD, then you may get ahead of an opportunity that others will arrive late for.

Ripple (XRP) is offering a bit of that right now.

Several articles appeared over the last twelve hours or so about a successful test by BBVA Compass of Ripple's xRapid transfer system, the one that uses the XRP crypto currency. The articles I'm finding all say the same thing, that transfers of assets between countries in Europe and Latin America where the bank has operations all went smoothly, with each transaction completing in a matter of seconds (all of these articles seem to trace back to a Dallas Business Journal article that is behind a pay wall).

The significance of the speed of this transfer is that the existing money transfer networks in place around the world would have taken three to four days to complete each of these transactions, and at a much higher price...

It's also no small thing that many of the partnerships that Ripple is forming are occurring in the developing world, which as this article on Ripple's website points out, is where 85% of the global population lives, which includes 90% of the globe's population of people under 30 years old (a very key point if you're familiar with how demographics and consumer cycles function) and where much of remittances from developed countries flow to.

When all of this is put together, it's easy to see the trend that is emerging here for XRP. However, at the moment, with everyone's attention fixated on the torrent of Bitcoin FUD that the major media is spewing like a broken sewer pipe, it can be easy to miss. Many will, and the price of XRP will likely continue down. That's where the opportunity exists, because while the price may be going down for now, the use case for the technology is rising.

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