Asheesh Birla Shares His Thoughts on Ripple Products
August 27, 2018 5:49 pm
Ripple’s Senior Vice President, Mr. Asheesh Birla recently had an interview in a show called Crypto Trader which is hosted by CNBC. During the interview, he highlighted the differences between Ripple and XRP. He also discussed the various uses of the digital currencies.
While mentioning the use cases of the XRP token, Birla called cross-border payments as one of the key markets for the company. He continued stating that Ripple has realized that cross-border payments face a lot of problems. The company built a set of products which would contribute to the ease of process in the area of cross-border remittance.
The Vice President spoke about Ripple’s product xCurrent. He stated that Ripple had aimed to accommodate communication through xCurrent. It helped in fiat currency transfers. FIAT currencies are non-cryptocurrencies. He gave an example that US dollars can be traded for Indian rupees, there is no need of including cryptocurrency like XRP.
Mr. Birla also spoke about xRapid, another product of Ripple. He gave an example saying people in Mexico can transfer their money in seconds using xRapid.
Mr. Asheesh included:
“So the experience is that you send the system US dollars for example… And it converts to XRP, moves the XRP into Mexico and then a local exchange in Mexico would convert that to Mexican pesos and payout.”
According to the VP, the whole process used to take weeks rather than seconds. Mr. Asheesh Birla showed his enthusiasm about xRapid in the interview.