In an exclusive interview with Express.co.uk, Ripple‘s Danny Aranda said the digital currency is planning a cross-border takeover to make global payment transfers quicker.
Mr Aranda said Ripple wants to ensure it is producing “very viable” solutions that can be used in the digital landscape.
He said: “I think a lot of what you see in the cryptocurrency space and in the blockchain space is really focussed on experiments or small proof of concepts.
“But Ripple is really determined to make sure that we are focussed on serving real customers with real problems and our focus area is around cross-border payments and ensuring that we deploy cryptocurrencies as a better method to fund the liquidity for the cross-border flows which is a huge cost centre and a huge problem to that.”
Mr Aranda said Ripple aims to improve the financial services infrastructure by making cross-border payments easier across the globe.
He added: “If I want to send money around the world – if my mother lives in the US and I’m living in Europe – that could take two to four days.
“It is actually faster for me to just fly over to her and give it in cash or FedEx it over than it is to send an electronic wire, which is incredibly crazy given the infrastructure we have today.”
Mr Aranda also said small movements can really affect the price of cryptocurrencies like Ripple and bitcoin.
He said: “It’s a relatively small market. There were $20billion traded in and out of cryptocurrencies overall.
“And if you compare that to the overall FX markets for say dollars and euros, that’s about $5 trillion a day.
“So this, is in order of magnitude, smaller than our traditional markets that we have around in the present day.
“And because it’s so timely traded, small movements can really affect the price.
“I think the volatility is really the question, the scale and the volumes that are moving in and out of cryptocurrencies.”
Ripple fell to a March low on Friday morning when the currency tumbled from its opening price of $0.82 to $0.79 by 8.50am, according to CoinMarketCap.
As of 16:16pm today, XRP has remained fairly steady, exchanging hands for a price of $0.83 per token.
But the cryptocurrency’s price is still a far cry from its $1.01 price tag on Monday March 5, having fallen by 22 percent.
Experts have suggested the decline is due to increased pressure from US and Japanese regulators on cryptocurrency exchanges, following a spate of cyber attacks sparked concern about crypto asset security.
Additional reporting by Joe Barnes