Eric van Miltenburg: Ripple plans to penetrate into the African cryptocurrency market
It seems that after Twitter CEO thinks that Africa is a potential land for the cryptocurrency industry, all eyes are on the continent. And the latest to be entering the African market is Ripple. This is the most recent information, revealed from Ripple’s SVP of Global Operation, Eric van Miltenburg.
“I am personally delighted that Ripple has successfully penetrated the Philippines, South America, and some other territories. However, the company was looking to get the first set of markets right before entering Africa with full force. I wouldn’t be surprised, as you look into the next year and beyond, that we do more in Africa to address that market,” Miltenburg said.
Eric van Miltenburg, Ripple’s SVP of Global Operation
Previously, Ripple has partnered with Flutterwave, a start-up that specializes in payment support in Nigeria, in West Africa. However, this is only a small step to this new market. Ripple’s ambition is to expand its business across Africa. Ripple will provide opportunities for Financial Institutions to access new technology.
Brad Garlinghouse, Ripple CEO, shared:
“The company is redesigning and reworking the remittance industry, putting it straight that Ripple is opening financial institutions to opportunities offered by the new technology. We wanted to bring banks, financial institutions, into the opportunities represented by these new technologies. And you know frankly, starting with the deep end, I will say that the deep end is going all the way into using digital assets to solve some of these problems as opposed to accelerating working them into that.”
Brad Garlinghouse, Ripple CEO
Ripple is an enterprise software company selling software to banks. The firm produces remittance software allowing banks to send funds across the globe seamlessly at a reduced cost. Therefore, Ripple’s business idea is the internet of value – how to send money to different countries in the same manner information is transmitted in a twinkle of an eye.
“Ripple wishes to be able to compete with SWIFT. When paying through SWIFT, we can only know the completed transaction when sending a message about the fund. Therefore, to eliminate the shortcomings of SWIFT, banks use Ripple’s xCurrent.”
Garlinghouse made a simple comparison to prove his argument. According to him, the old transboundary money transfer system like SWIFT works like a “postcard” that requires many days to deliver. However, Ripple always enhances the system to minimize the time to receive money.
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