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Whispers Grow Of Amazon Adopting XRP As Payment Solution

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Amazon rumored to implement cryptocurrency, but will it be XRP?

Since the beginning of 2018, the overall price of XRP  has continuously moved downwards for the most part. However that could change as Ripple Labs is making several important partnerships with global banks and payment services. One of them may be the undisputed juggernaut of online shopping – Amazon.

Amazon Could be Ripple’s New Partner

Recently, Ripple executives sparked rumors while mentioning Amazon several times during their presentations on global financial payments. On October 31st, Ripple executive Cory Johnson was speaking at the Unbound Miami event.

Johnson expressed disappointment that while other technological advancements over the last decade occurred quite swiftly, the technology behind global money transfer hasn’t changed at all.

“It is ridiculous that in 2018 we can send a text message with an emoji and get a file to a friend in Rome and send an email to a friend, but the fastest way to get money from here to Mexico City is to put $10,000 in a briefcase and fire it there.”

Moreover, he also cited companies like Amazon which are facing significant difficulty to pay their customers. Johnson says that there’s a lack of a seamless and hassle-free way for Amazon to pay its customers and affiliates.

Digitization with an Inclusive Approach

During the presentation, Johnson said that the merit of digitization i.e. distributed ledger technology, should reach everyone across the globe. Moreover, big organizations are working in tandem with governments to have common standards and a framework for global finance.

Johnson also suggested that the future of digital payments lies in instant messaging and payment settlements. Undoubtedly, he proposed XRP as a solution to all these issues.

Ripple’s xRapid product, which uses XRP tokens for global payment settlements, is slowly gaining ground. A number of banking institutions and payment settlement companies are using xRapid to streamline their operations.

Quite recently, consumer payment platform SendFriend announced using xRapid for overseas remittances. Just like xRapid, Ripple has a number of other blockchain-based product offerings in its portfolio.

XRP is currently the third-largest cryptocurrency by market cap. Each XRP token is trading at $0.53 with its overall market cap of $21.45 billion USD.

Note that there’s no specific agreement between Ripple and Amazon at this point for using XRP tokens. Nonetheless, given the trends, and if such agreement materializes in the future, it can give a huge boost to XRP.

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This article should not be taken as, and is not intended to provide, investment advice. Users are ultimately responsible for the investment decisions he/she/it makes based on this information. It is your responsibility to review, analyze and verify any content/information before relying on them. Trading is a highly risky activity. Do consult your financial adviser before making any decision. Please conduct your thorough research before investing in any cryptocurrency and read our full disclaimer.

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