Ripple is bracing itself for a long-term goal of mainstream adoption and as revealed recently, they have the war-chest to recruit the quality personnel essential to this aim.
This is in the wake of Ripple hiring former Goldman Sachs executive, Breanne Madigan, from Blockchain.com. Goldman Sachs has an unparalleled reputation for cutthroat business efficiency. This is undoubtedly the kind of efficiency Ripple intends to add to cryptocurrency transactions.
XRP And the Financial Might of Ripple
The exponential rise of XRP has been interesting from crypto and financial analysts. This is because this token platform is the closest major cryptocurrencies are to mainstream adoption. XRP aims to be the premier cross border transaction network for banks and users. This is because the potential for mainstream institutional integration is huge.
Accordingly, XRP has done well for itself in the past few years. Indeed, Bitcoin remains the far more dominant virtual currency with a market capitalization to show. Nonetheless, Ripple remains the faster, more affordable and better scalable coin. Moreover, the core function of XRP which is payment settlements is desirable for companies. This is because more companies have implemented payments settlements using XRP.
Mainstream financial institutions are looking at Ripple as the ideal coin partnership. Accordingly, the World Bank recently gave Ripple’s XRapid thumbs up. This is because xRapid is making traditional financial institutions to look at decentralized payments solutions. JP Morgan and SWIFT are unsurprisingly exploring this solution as well.
Ripple is therefore in a unique place to scale up operations and draw all kind of partners. This means additional investors and more importantly institutional investors. It goes without saying that these kinds of investors come with larger financial might. As such, it comes as no surprise that Ripple is making these hires, especially now.
Impact of The Hires and The Future
At the moment, XRP is rolling out a number of solutions to significantly improve operations. The company even has micropayment solutions for Gmail and Microsoft outlook through Wietse Wind’s innovation. The upgrades certainly come with the need for organizational and institutional expertise.
The expansion of XRP capabilities is a timely response to favorable markets. This means that Ripple is simply reciprocating to better prospects in the mainstream institutions of our time.
Moreover, such hires add credibility to an industry that desperately needs it. Ripple has taken bold measures to separate itself from the wild-west type cryptocurrencies which are highly unstable. The fact that the hire is from an institution such as Goldman Sachs, with a solid reputation, is indicative of that. This means that Ripple is seeking to ingratiate itself to the big players of finance.
What is the impact of such associations? Well, there will always be puritans who see any association with mainstream financial institutions as a betrayal. After all, the goal of cryptocurrency to them was to create a complete alternative to mainstream finance. Nonetheless, even they would contend that this is a long shot given the difficulties of independent establishment.
On the other hand, such a move can greatly improve decentralized finance. This is because cryptocurrency does not have to be a fringe phenomenon. Instead, mainstream adoption can increase access and use cases. This can make for a bigger and better digital future.