If Every Bank in the World Used Ripple
Although the company was founded in 2011, with 11 offices and more than 1,300 employees, the company’s head of the company, which serves users on 4 continents, has the following words:
In each country we are trying to connect to the payment network. If we are lucky, we can do it in many countries simultaneously. For example, we send money from Australia to the United Kingdom in 15 seconds.
The banks are using the SWIFT network, which is great because the money reaches the end of the address but in the process it takes too many people, everyone gets their share and keeps the money for a day. As TransferWise, we do this very quickly and the cost is 10 times lower than the banks.
Hinrikus gave the answer to the question of whether to use Blockchain technology and crypto coins:
We’ve heard this dream from a lot of different people. However, when you search a little, you notice that it looks great on paper, but it is actually difficult to use. We looked at different Blockchain technologies, but we didn’t find anything that would allow us to do what we wanted to do cheaper or faster.
Today none of them is widely adopted. It would be great if every bank in the world is connected to the Ripple network. However, there are few banks using Ripple today. In this context, we are a great supporter of Ripple and others. We know the Ripple team and the other teams. One day, we look positive if it helps us with more speed and cheapness, but this has not been the case.