Ripple’s chief market strategist Cory Johnson made some bold statements about Amazon and retail giants in general.
He believes that these could benefit from a lot of advantages if they were to use Ripple’s suite of cross-border payments solutions.
Improving the cross-border transactions
Cory Johnson addressed the subject of Ripple’s aim to improve the speed of transactions and drastically lower costs of cross-border payments during the Cornell’s Entrepreneurship Summit in NYC.
At one point, he was asked where he sees Ripple in 10 years from now, and he said that he sees the company’s tech becoming extremely important for some of the biggest companies in the world, supporting them in moving money and paying their employees in a low-cost, and effective manner.
“We can look at the $23 trillion that are laying around in nostro and vostro accounts that are sort of set up, waiting for pre-payment, because money is so slow,” Johnson said.
He continued and brought up the giant Amazon: “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 also said that he could not 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.”
Johnson also predicted that they would be seeing more people from more companies across the globe being able to do business together. He said that it’s not all about changing the business of today, but also the business of the future.
XRP can change the current financial system
Johnson described that Ripple’s digital asset XRP allows for really fast transactions and he also brought up Ripple’s competitor SWIFT.
The present state of the art in finance for moving money across the world is based on SWIFT.
He said that it was written back in 1973 and it’s run by a consortium of banks with thousands of employees in Belgium.
He addressed the system’s shortcomings, highlighting the fact that Ripple can bring solutions to fix them.