Connect with us

Ripple and XRP News

Ripple’s Asheesh Birla – Unlike XRP token, Bitcoin and Ethereum Weren’t built for payments

Last updated



Ripple’s Asheesh Birla - Unlike XRP token, Bitcoin and Ethereum Weren’t built for payments

In a recent interview with Seeking Alpha, Ripple’s SVP of Products, Asheesh Birla discussed various attributes concerning Ripple, its native token and the issues it is currently facing.

The senior vice president of Ripple, Asheesh Birla elaborated the vision that Ripple exists with. As per the report, Birla is a former VP of Global Technology a Thomson Reuter and he joined Ripple back in 2013. Birla said that Ripple has been working to improve the payment industry by enhancing the reach of its blockchain-based payment products. So far, the giant has successfully entered into a partnership with various banking giants and financial entities.

Birla emphasized why XRP exists and said unlike the leading cryptocurrencies, Bitcoin and Ethereum, Ripple is built for payment. However, he also elaborated that Bitcoin, as well as Ethereum, weren’t built for payment, instead, it works more like a store of value or for executing smart contracts. Explaining about the third-largest cryptocurrency, XRP, Birla said;

XRP is a digital asset built specifically for payments designed to be quicker, less costly, and more scalable than any other payment infrastructure today.

The relation between XRP and Ripple has been the key concern of the crypto community – while former is the decentralized cryptocurrency runs on XRPL ledger, latter is a parent company that often promotes its blockchain products such as RippleNet, xRapid, xCurrent and many other.

XRP is a digital asset built for payments. Ripple is a software company that exists independent of XRP, Birla explained. XRP is open-source and decentralized, meaning that Ripple can’t control who builds on the XRP Ledger, lists XRP or govern (reverse) XRP transactions.

To increase the XRP ecosystem, Birla asserts that Ripple has invested in wide-ranging blockchain projects including Bolt Labs, Securitize, Coil, Forte, and many others. According to him, the investment arm of Ripple, Xpring has invested $500 million in blockchain companies so far. In his interview, he also spoke about the new XRP developer platform and uttered it is strengthening the XRP ecosystem by welcoming new market players including Bitpay, BRD Wallet, Anchorage, and chainalysis.

Image Source – Fortune

Tabassum is an enthusiastic author, web geek, writer & digital marketer, with experience writing for tech, digital and cryptocurrency blogs.