- XRP Isn’t Centralized According to Ripple’s SVP Marcus Treacher.
- Ripple’s partnership with Siam Commercial Bank Has Promoted Growth in the Company.
Ripple News Today – Over the years, one of the most significant challenges Ripple XRP has faced has been directly related to the centralization of the XRP token. Despite the progress the company has made over the years, there are still many people in the cryptocurrency community who believe that the company controls the XRP token. As you already know, the basic principle of blockchain technology is decentralization. So, you can only imagine the backlash that the company has faced because of this. Yesterday, the senior vice president of customer success at Ripple, Marcus Treacher, during an interview with Financial Magnet, talked about the centralization status of Ripple and the third-largest cryptocurrency per market capitalization, XRP.
Ripple News Today – “XRP is Not Centralized”, Marcus Treacher Defends Ripple and XRP
The argument regarding XRP’s centralization is based on the premise that Ripple has too much control over the XRP token and that the company manipulates the price for their benefit. Treacher said that Ripple doesn’t drive success by manipulating the XRP token. He said that the success of Ripple comes primarily from the company’s focus on financial services on an international scale. In his words
“a large part of our success has been to not lose focus on solving a specific problem around cross border payments particularly global remittance.”
He also said that Ripple, the second-largest Fintech blockchain firm in the United States, is the only blockchain company that allows its customers to use its products for cross-border payments commercially. He continued;
“Our focus in this area has allowed us to be at the front of technical innovations that use the power of blockchain and digital assets–technologies that have proven effective in addressing the inefficiencies of the global remittance market and where our customers are already seeing huge benefits.”
Regarding Ripple’s centralization status, Treacher said;
“XRP is not centralized,” it’s a decentralized, open-source digital asset, and the XRP Ledger is based on an inherently decentralized, democratic, consensus mechanism — meaning no one party can control it, not even Ripple.”
Ripple News Today – Ripple’s Partner Siam Bank Records Significant Growth Since Partnership
Meanwhile, Ripple is still in the business of sealing mutually beneficial deals. A while ago, smartereum.com reported that the Siam Bank was going to enter into a partnership with Siam Commercial Bank. A representative of the bank Arthit Sriumporn said that the partnership with RippleNet has yielded and is still yielding benefits. In Sriumporn’s words;
XRP (XRP) Price Today – XRP / USD
“Siam Commercial Bank is more than 100 years old and is Thailand’s largest bank with more than 1,000 branches across the nation. We support a wide range of customers from retail to small and medium-sized enterprises (SMEs) and corporations. Our focus is always on enriching the customer experience and RippleNet has helped us to do this with remittances.”
This is just one of the many successful partnerships Ripple has managed to seal in the promotion of its global initiative which is mass adoption.