Ripple (XRP) is in the Asia Pacific market, once again. And this time, it seems an all-out effort to cover a region that, for me, holds a lot of promise for this cryptocurrency. This is the same region where 61 banks agreed to work with Ripple on the cross-border payments initiative.
Earlier in the year, Ripple CEO Brad Garlinghouse said that opened a way into China by partnering Lian Lian International.. Now that seems a certainty with the events that are set to go on in the region. They may not be in mainland China, but their strong presence in the Asia Pacific countries of Japan, South Korea, and Hong Kong only suggests one thing: the big prize is China.
As part of his itinerary in the region, the number one Ripple cryptographer will try to sell the platform and what it can do in terms of cross-border payments. A statement regarding his tour states in part that:
“The one and only David Schwartz — Ripple’s chief cryptographer and one of the original architects of the XRP consensus network — is currently on tour in Asia”
On why he is there, the article says;
“David is on the ground building connections with the XRP community, sharing his perspectives on the broader blockchain industry and showcasing the technology behind the XRP Ledger.”
This tour is happening at a time when there are continuing concerns that some big banks may be determined to crush cryptocurrencies like Bitcoin and Ripple. According to Forbes, big banks could be out to crush cryptocurrency, especially Ripple, as it offers direct competition to their services.
Shidan Gouran, President and COO of Global Blockchain believes that “If big banks were to succeed in crushing one of these two currencies, Ripple would be it,”
“The main reason for this is because Ripple is much more of a direct competitor to banks. Because it operates more like a transaction network than a currency, it’s a lot more plausible that they will be a target for banks to get tough with.”
This is a bit interesting knowing that banks and payment providers are one of the key pillars of Ripple’s partnerships. In hindsight, however, it makes sense as most of the so-called “big banks” haven’t warmed up to XRP. You only need to look at what J.P Morgan Chase &Co. chairman Jamie Dimon thought of cryptocurrency, to understand where all these could be coming from.
But the use of xCurrent software and XRP are likely attracting the attention of the same mega-banks. The banking sector in some countries may want to see the back of crypto competitors, but that won’t happen so soon.
Darren Marble, the CEO of CrowdfundX, thinks that banks (even the big ones) will eventually realize that it’s better to work with platforms like Ripple.
“I believe Ripple offers a viable blockchain solution and an enormous amount of utility to banks…As such; I do not believe that big banks will necessarily crush either Ripple or Bitcoin for that matter. While banks are actively investing in and working to develop blockchain-based solutions, it’s going to take a bit more time for banks to come around to the idea of relying on a cryptocurrency and for the industry to become more established. I believe banks are keeping a close eye on Ripple.”
If you are an XRP holder or just a Ripple admirer, then I think you already what this is all about. In case you haven’t been paying attention, well, be informed that Ripple is in all likelihood, the cryptocurrency of the moment, and likely of the year.
Let not the value of XRP make you turn away in despair. When Brad Garlinghouse and the team are done laying the ground, the value of this currency will speak for you. That is precisely what people who disparage this platform forget.
The breakthrough in China is not yet confirmed, but the Tour de Schwartz is a step towards it. The one stumbling block is the issue of stringent regulations and an unfriendly cryptocurrency environment. That could all change with efforts like what David is doing. Other strategies include engaging in some formal talks with Chinese banks. This has been confirmed to be underway by Sagar Sarbhai, Ripple’s representative for the Asia Pacific. He says that:
“This year you will see more announcements coming in on China, in terms of educating and differentiating us from some of the other cryptocurrencies that are out there. As we speak, our team is strategizing about entering the market, but it’s still very early days.”