Managing Director of xSpring and working for more than five years in the business development of Ripple – Daniel Aranda took the mic in the CryptoComare MJAC Summit.
xSpring Initiative is run by Daniel Aranda which is initiated to invest in, acquire, incubate and provide funding/grants for firms and projects plans that are run by entrepreneurs who are going to use XRP and the XRP Ledger. In which case the ones that find use of the decentralized solutions that XRP offers for clients will be favorite.
Daniel Aranda on the Stage
Mr. Aranda took the chance to speak about the Internet of Value. He added:
- “In some ways, we view that expression — ‘internet of value’ — as very literal: that there will be a new internet and that money will be directly embedded in it.”
- “We think that lot of internet of value is going to operate in the same way, where you’re having servers, like validators and miners, actually being able to communicate with each other, and they are really confirming kind of the movement and creation of value and of money.”
The managing director continued saying that him and his team believe that likewise today’s internet that is made with packages of data sent around, the Internet of Value will have the same infrastructure. However, in its case value-money will be transferred around. He strongly supports the idea that payments play a vital role on building the fundamental walls for the internet.
“As we were thinking about different use cases… around payments… the highest friction and pain point that we found was around cross-border. So, if you think about here in the UK, you have services like the Faster Payments Service, CHAPS, and BACS, RTGS from the Bank of England, you have great payment systems that already exist on a domestic or regional level… so there is SEPA in the EU as well… but because there is no global central bank, you don’t really have a global consolidated payments system… you have layers that maybe simulate that, things like Visa and MasterCard or even SWIFT as a messaging service… And we thought that a decentralized architecture, blockchain technology, and these public ledgers could really help kind of interoperate a lot of these different systems. So, with that thesis in mind, we just started looking at markets [to see] who would be the first users, who is the right first customer to focus work.”
On the process of expansion and learning, they found out that banks are the primary part-takes in the payment architecture that is already there. Them are the ones that deliver the most volume in the system right now. Which is why the team behind Ripple decided to create solutions for them.
“So our software solutions, our enterprise solutions, right now, are sold to around 120 financial institutions around the world.”