Ripple Crypto Remittance Platform Solves Real-World Problem, Says FlashFX Co-founder
The co-founder of FlashFX, an international money transfer company, says Ripple’s cryptocurrency-based remittance product is the real deal.
FlashFX is a longtime Ripple partner and was one of the first companies to begin using Ripple’s On-Demand Liquidity (ODL), which uses XRP to move money across borders. In a new interview with Crypto Eri, Nicolas Steiger responds to Ripple detractors who question the company’s business model.
When asked if Ripple pays FlashFX to be a client and if ODL is a scam, Steiger said his company made a strategic decision to use Ripple early on.
“For us, we’ve wanted to use Ripple for a long time. And we see the value. We still use Swift. We now use ODL. We have our own integration that we had from day one on ledger where we’re using XRP…
It’s not a scam. It solves a real-world problem. It solves a real use case. A use case that I’ve been believing in for a long time.”
Steiger says regulatory red tape is one of the biggest hurdles to wider use of digital assets among banks and fintech companies.
“When a bank or organization has more certainty around the regulatory aspects and is more positive around the risk at the time of using XRP as a digital asset, then they can turn it on without anyone even knowing. It just happens. It becomes a smoother process of integrating and enabling participants using ODL.”
Ripple launched ODL in October of 2018 and says the payment solution has the potential to give financial institutions and companies a new way to move money without having to hold pools of capital in banks around the world.
To date, Ripple has opened payment corridors between the US, Mexico and the Philippines. Steiger says he’s hoping Australia, where FlashFX is based, will be next. Ripple CEO Brad Garlinghouse has teased a number of new corridors that may be in the works, but the company has yet to release an official announcement.