One of the world’s leading cryptocurrency experts has changed his mind on the long-term prospects of Ripple XRP, suggesting that it will now become the go-to digital asset for global businesses. Philip Nunn, CEO of Wealth Chain Group and The Blackmore Group, is a prominent public speaker on the fintech scene and has been vocal in the past about his distrust in what Ripple is attempting to achieve.
However, Nunn recently used his Twitter account to express how impressed he has been at the “serious moves” being made by the platform. He went on to suggest that despite his “issues with their offering”, they “will become the Microsoft of #crypto”. Nunn and many other crypto investors are beginning to recognize parallels between Microsoft’s emergence in the tech space and Ripple’s steady proliferation in the fintech sector.
In a recent interview with Business Cloud, Nunn said that “the genius of Bill Gates was the fact that he was early [to the industry] and timing was everything”. Nunn added that while some computer giants focused solely on “product development”, Gates focused on “adoption”, with Microsoft’s suite of tools and its operating system becoming the “go-to-tool for every business”.
Nunn believes that the “next wave” of cryptocurrency will be focused squarely on widespread adoption. He added that “XRP and Ripple are getting into all the banks and positioning themselves [to make their mark]”. Ripple investors and those who believe firmly in the concept of Ripple will hope that Nunn’s glowing review will help to give those on the fence in the crypto scene some peace of mind and confidence to start buying Ripple.
Although Ripple has become a leading player in fintech due to its cross-border capabilities, its independent digital asset, XRP has come under fire. Some crypto critics claim that XRP was only created as a means of funding Ripple and inflating the network’s valuation. However, Nunn – a self-confessed “blockchain evangelist” – has backtracked on his original view that XRP was only good for “payments”. In fact, the Ripple vs XRP debate is still very active.
The last seven days have been very positive for Ripple all-round. The San Francisco-based platform celebrated surpassing Ethereum for a moment, becoming the second-largest cryptocurrency behind Bitcoin in terms of market capitalisation. The platform also hosted its annual flagship conference, Swell 2018, which welcomed a host of industry influencers ranging from politics and finance to technology and global regulation. Ex-American President Bill Clinton was on hand to provide a keynote speech and it was telling that Ross Leckow, Deputy General Counsel of the International Monetary Fund (IMF) was also present, along with many representatives from central banks.
The headline event at Swell 2018 – aside from Mr Clinton, of course – was the official unveiling of Ripple’s cross-border payments functionality, xRapid. The platform, which will be fully implemented with Banco Santander, will give Ripple the chance to truly cement its brand as the world leader for cross-border digital transactions. Furthermore, a joint venture between Ripple and Japan-based SB Holdings was also launched at Swell 2018. Its MoneyTap app is now available in Japan, enabling real-time domestic money transfers between bank accounts via Ripple’s xCurrent blockchain network. Currently, MoneyTap allows for up to $875 to be transferred daily.
The positivity surrounding Ripple’s Swell 2018 has resulted in a very promising month in terms of the value of XRP. Throughout September 2018, XRP soared by more than 50% – up from a low of around £0.20 to highs of £0.49.
What’s truly exciting about the Ripple platform is that it’s so much more than about cross-border payments. So much of Ripple’s other features have flown under the radar for too long now. However, this could be to the platform’s long-term advantage, once people enter the adoption phase in the cryptocurrency industry and realise Ripple’s capabilities. At present, Ripple is developing inbuilt payment systems to operate within web browsers, allowing for payments to be transferred to everyone from family members and colleagues to digital content creators and service providers.
To try and put the enormity of Ripple’s offering into real-world context, think of Ripple as a digital combination of PayPal, HSBC and Venmo, operating as a single entity. The current financial system is on the brink of a fintech revolution and if Philip Nunn is to be trusted, Ripple is almost certainly the platform to lead the world to the digital payment era.