Ripple has been making news headlines lately. Ripple (not the cryptocurrency in all cases) has been adopted by over 100 financial institutions. It has founded itself as being one of the blockchain startups to shape the future of digital business. So many banking giants have adopted Ripple to facilitate cross-border payments that it only makes sense that the world’s largest online store could adopt it as well.
And in the past few months, Ripple executives have been mentioning Amazon. Oct. 31, Ripple’s new chief marketing strategist Cory Johnson said that in spite the fact that digital files like Emoji can be sent and received instantly transfer of funds across the globe still takes hours or even days.
“It is ridiculous that in 2018 we can send a text message with an emoji and get file to a friend in Rome and send email to a friend…, but the fastest way to get money from here to Mexico City is to put $10,000 in a briefcase and fire it there,” Cory said.
Johnson spoke about the conventional methods employed by large digital businesses including Amazon. He said it is difficult for those companies to be able to receive payments from customers seamlessly.
So far, many businesses (small and big) alike have started accepting payments in cryptocurrencies. However, most companies like Amazon are still reluctant to jump on the crypto bandwagon. Perhaps they are still waiting for the prices to stabilize. They have to watch out for whales sitting on top of millions worth of cryptos that could raise or sink the price in a twinkle of an eye.
Ripple’s main goal is to remove the challenges associated with payments, especially cross-border payments. A large number of banking giants including PNC and Bank of America have already joined Ripple network known as RippleNet. Whether Ripple will be able to solve Amazon’s problems remain to be see.