The XRP token will not be used

Incorrect


The XRP Token is being used by xRapid Partners.


"Banks don't need to use XRP to use the Ripple ledger". TRUE!

But, here's why some are ALREADY using, and WILL ALL use XRP eventually. Ripple's approach to adoption is two-fold:

  1. Get the banks to use their ledger software to send fiat money (without necessarily requiring XRP), instead of the SWIFT way. This step is important because it doesn't radically change the way banks do things today, but it does give them some very valuable tools and real-time information about their money transfers. This is what most Ripple-partnered banks are talking about when they say they are using Ripple's products. What also comes with this software is a Ripple feature called xRapid, which leads us to step..
  2. Once banks are Ripple-integrated, they will have the 'option' of using XRP (via Ripple's xRapid feature), but they don't have to; but they will want to eventually; let me explain:

The first adoption step puts the option to use XRP right in front of the banks' noses. And while at this time it may seem irrelevant to their existing infrastructure, it will be profoundly easy to start using XRP if they get curious. Why would they want to use XRP then?

It would take very little effort to start using the integrated xRapid feature. They would save an additional 30% on transfer fees. Their competitors are using it, undercutting them and taking business away and most importantly: eliminates nostro accounts!

Let me say that again because it's super important: USING XRP ELIMINATES THE NEED FOR NOSTRO ACCOUNTS!!!...

Source




Want to become a smarter person?

Read more about Ripples initiative to support further development on the XRP Ledger

Check this article for an educating read 🎉


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