TRON (TRX), Ripple, XRP–Justin Sun, founder and CEO of TRON and former principal agent of RippleLabs, has weighed the price increase of XRP in the last few weeks and gave his opinion on the landscape of cryptocurrency and global payments.
Speak to in an interview Investopedia The outspoken founder, published on Friday, who worked as Chief Representative with Ripple between 2014 and 2016, has an interesting perspective on both the development of the cryptocurrency startup and the coin-operated XRP.
While Sun has traditionally been calm about his time with Ripple, it gave him massive insight into the growing blockchain and crypto industry, which led to his development of TRON and the TRX currency. When asked by Investopedia why the XRP currency saw a surge in price valuation and adoption, Sun stated that Ripple was using the coin specifically to improve the financial sector, particularly banks and global payment providers, to solve the problem of costly and slow crossover I’ve developed -border payments. While competitors offer services that can take several days and incur significant fees to send money around the globe, Ripple’s xRapid service uses XRP directly for liquidity and can do the same feat in less than two minutes and at a fraction save a penny Measures that are highly valued in the world of fintech.
XRP is a cryptocurrency that is tailored to provide banks and payment providers with a reliable solution for cross-border payments. I was Chief Representative of Ripple Labs between 2014 and 2016 and saw firsthand the massive demand for blockchain-based cross-border payment solutions.
Sun also explained Ripple’s efforts to promote its cross-border payments platform within the banking sector, culminating in its recent, high-profile partnership with PNC – one of the top ten US banks with over 2,000 branches across the country.
During my tenure, I worked on partnerships with WeBank, China’s first online work bank, and Shanghai Huarui Bank. Fast forward to today and Ripple is now supported by over 100 financial institutions around the world, including PNC.
According to Sun, the main driver behind the adoption of XRP and Ripple is banks’ renewed interest in blockchain as a solution for security and low cost payments, a sector that Ripple has cornered in terms of providing the most functional technology for cross-border remittances. While the PNC partnership didn’t take into account the actual adoption and use of the XRP currency, the number three coin valuation by total market capitalization has increased since the announcement, creating a bullish investment atmosphere that has managed to break the coin’s downtrend in pricing .
Sun also took the opportunity to hit the table for the TRX currency, stating that TRON would also find a way to enter the global payments arena and collect interest on blockchain-based transfers through banks.
I am confident that the financial industry will adopt blockchain technology. TRON will continue to enter this area in the future, so I welcome potential partners from the financial sector to get in touch! Of course, none of my comments are investment advice for your readers.