Ripple is building the financial system of the future for the world’s leading CBDCs, according to James Wallis, vice president of RippleX. In a recent interview, he shared his thoughts on CBDCs and the potential for XRP to become the CBDC interoperability bridge currency.
Wallis joined RippleX from IBM where he had spent over 17 years, most recently as the tech giant’s blockchain VP. At Ripple, he is the head of central bank engagements and CBDCs. He joined Rudolf Falat, the host of the ‘Voice of FinTech’ podcast recently for an interview.
Wallis believes that blockchain technology will define the future of payments. Currently, the payments industry still suffers from several bottlenecks, including high costs and low speed. For cross-border payments, these hurdles are worse, with some funds transfers taking up to a week.
At Ripple, we view the future of payments as the internet of value. The concept there is making it as easy to move money around the world as it is to move information today across the world.
Ripple has been shifting its strategy over the years to position itself for success, Wallis stated. One of the key pivots has been towards cross-border remittances which are now its major focus. It also offers its clients a line of credit, allowing them to acquire XRP which they use in cross-border payments. This allows them to use XRP as a bridge asset, avoiding pre-funded Nostro accounts.