- The Demand for Cross-border Remittance Has Been on the Rise Since the Covid-19 Pandemic Started
- RippleNet Cloud Provides the Perfect Solution for Payment Services Firms
Ripple News Today – The year 2020 has been full of challenges on a global scale. However, the most significant challenge is the Covid-19 pandemic that took the world by storm. No one would have been able to predict the catastrophe and ripple effect of the Coronavirus across industries. While the virus has led to the decline of some industries, it has given others a chance to blossom. The remote working industry has flourished during this period. In extension, the remittance industry has also flourished. FinTech is growing and Ripple can take advantage of this growth.
Ripple News Today – RippleNet Cloud Flourishes Amid the Covid-19 Pandemic
Traditional banking systems can no longer keep up with the rapidly evolving needs of customers across the globe. Cloud solutions eliminate all the problems of traditional financial services firms. The RippleNet cloud is cheaper to set up because there is little need for bogus hardware and monitoring staff. It can be managed and updated every three months remotely so all the hurdles of a physical company are eliminated. RippleNet Cloud is offered to its 300 clients as a service rather than a product.
Financial institutions are now trying to maintain a competitive advantage by exploring cloud technology. However, this game-changing technology is not reaching mass adoption as quickly as anticipated. This is because legacy institutions are still not comfortable with moving sensitive data to the cloud. Despite all the effort that RippleNet and other providers of cloud technology have put into keeping their networks safe, traditional financial institutions are not comfortable with it yet.
Another factor that is discouraging companies from adopting RippleNet cloud is the underlying blockchain technology. Ripple is a blockchain-based firm and we all know this technology promotes decentralization. The goal is to give power back to the people by taking it from the institutions. Legacy institutions are not yet ready to let go of their power.
Most of the companies using Ripple are remittance companies. Only a few are banks. Ripple has been under a lot of pressure to recruit banks. Last week, angry XRP holders protested in Ripple’s San Francisco headquarters. They tied a rope on Brad Garlinghouse’s statue and dragged to bring it down. As they protested, they kept chanting “where are the banks”. Ripple had initially promised to sign-up dozens of banks weekly. They have failed to keep this promise and their flagship product, XRP, has dropped steadily. Holders no longer see the token as a profitable option.
Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.