News
Ripple President: XRP Ledger Is ‘The Blockchain of Choice for Institutional DeFi Use Cases’
On July 19, 2024, Monica Long, President of Ripple, published a detailed blog post outlining Ripple’s vision and progress in leveraging blockchain technology for financial services. Long began by reflecting on Ripple’s founding belief that blockchain would become the global financial infrastructure of the future, enabling more accessible services for people and businesses around the world. She noted that the early days of cryptocurrency lacked the infrastructure, liquidity, trust, and regulatory clarity necessary for institutional adoption.
Long highlighted significant progress over the past decade, such as the approval of the first BTC and ETH spot ETFs in the US, the launch of BlackRock’s tokenized fund, and comprehensive EU cryptocurrency regulations under MiCA. He highlighted that financial institutions such as Fidelity, Itaú Unibanco, Stripe, and PayPal are now facilitating the trading, holding, and use of cryptocurrencies, marking a substantial advance in the acceptance and maturity of the cryptocurrency market.
Long said Ripple has evolved to capture these opportunities, validating blockchain’s potential to offer faster, cheaper, and more reliable financial services. He emphasized the need for a simple, reliable digital asset infrastructure, similar to the essential components of running an internet-based business. This infrastructure includes on- and off-ramps, custody, and liquidity.
Ripple’s first major initiative, using XRP Ledger (XRPL) for cross-border payments, has showcased the capabilities of blockchain. Long explained that Ripple Payments now has near-global reach, processing over $50 billion in volume across over 80 payment exchanges. He also mentioned that Ripple’s services have expanded to provide secure and compliant digital asset infrastructure for financial institutions.
Long also spoke about Ripple’s acquisition of Metaco, a digital asset custody technology provider, now renamed Ripple Custody. He believes this acquisition positions Ripple to execute on its global product roadmap and expand its custody services.
Long also announced Ripple’s plan to launch a stablecoin, Ripple USD (RLUSD), on the XRP Ledger and Ethereum blockchains; he expects this initiative to bridge traditional finance and cryptocurrencies, improving Ripple payments.
Long concluded by reiterating Ripple’s commitment to using blockchain technology to deliver superior financial services, emphasizing its goal of becoming the leading digital asset infrastructure provider for financial services.
Featured Image via Plumage