Crypto Bank

World Bank & KNOMAD to Explore Ripple Company’s DLT based Financial Products

KNOMAD, the Global Knowledge Partnership on Migration and Development, and the World Bank’s Migration and Remittances Unit in Social Protection and Jobs Global Practice, are reportedly looking to learn more about distributed ledger technology (DLT). And it may not come as a surprise that they are talking about Ripple.

According to TodaysGazette, both organizations are specifically interested in American fintech, Ripple Labs’ DLT-based suite of financial products. As covered extensively by CryptoCoreMedia,  one of the primary use cases for Ripple’s products is to process remittance payments more quickly and cost-effectively.

Dilip Rao to Speak About Ripple at KNOMAD Seminar

Dilip Rao, the global head of infrastructure innovation at Ripple Labs, will be speaking at the KNOMAD seminar (on Thursday – November 29th, 2018) at the World Bank Main Building in Washington DC.

The main topic of discussion during the seminar will be on the role of DLT in improving cross-border value transfer, an official letter published on November 27th by KNOMAD noted.

Importantly, KNOMAD said that Rao’s presentation will focus on the capabilities of DLT that could potentially address “fundamental paint points” – including the speed, cost and transparency of the international payments system.

Notably, a large number of financial institutions have been adopting Ripple’s technology – particularly RippleNet, which aims to be a decentralized network of financial service providers. Companies and organizations that join RippleNet do so – in order to expedite cross-border transactions.

As covered, Ripple’s xCurrent, xVia, and xRapid products – in addition to the platform’s native cryptocurrency, XRP, have been designed to complement each other. These products serve a common purpose – which is to create an “internet of value.”

TheBlockCrypto’s Founder Points Out Inconsistencies

Although Ripple has its critics, and Mike Dudas, the founder of TheBlockCrypto (an information source on crypto and blockchain), has pointed out that there are many inconsistencies between what Ripple (the company) had claimed to offer in 2013 and what it promises to provide now, the San Francisco-based firm’s technology may actually be useful.

TechCrunch Founder & Bloomberg’s Editor-at-Large Are Bullish On Crypto

TechCrunch founder, Michael Arrington, has claimed on several occasions that “there’s nothing better than XRP” – when it comes to transferring a large amount of funds quickly and cheaply. In fact, Arrington’s company was able to recently transfer $50 million in 2 seconds and the cost of the transaction was 30 cents.

Prominent journalists have also joined Ripple’s executive team including Bloomberg’s Editor-at-large, Cory Johnson. Recently, Johnson spoke at length about XRP’s ability to settle transactions instantly.

While the Bloomberg editor may not have had completely accurate information to share – as he claimed that Ripple’s suite of products were fundamentally superior to the Bitcoin network and he also made the mistake of stating that XRP’s value is up from the start of this year (which is false as its market cap is down from $106 billion to about $16 billion since Jan 2018), Johnson did point out some key areas which the Ripple company has been working on.