According to a Ripple executive, Dan Morgan, Asia has the biggest appetite for the cryptocurrency token, XRP.
XRP overtake Ethereum and becomes big in Asia
This year has been a brutal one for cryptocurrencies following the high they experienced last year. Bitcoin, Ethereum, Ripple and other leading cryptocurrencies have lost more than 70 percent of their value over the past few months.
Despite losing its value, Ripple has had an amazing year as it is now the second biggest cryptocurrency in terms of the market cap after overtaking Ethereum. Ripple and its technology have also experienced massive adoption over the past few months.
Speaking at the CryptoCompare & MJAC London Blockchain Summit, Dan Morgan was quizzed about the region that has taken more to XRP. He stated that “It’s very early days, but we see the biggest appetite in Asian markets, in terms of demand, so remittance demand, whether it is corridors that are under-served because correspondence banking is too costly… So, we feel that there is a demand. Liquidity, in terms of digital assets, most liquidity we have… is in Asian markets by some distance. ”
Morgan, however, explained that nothing is perfect in Asia as it has problems just like every other region. He noted that clarity in regulation is needed to ensure that they have positive impacts on cryptocurrencies and blockchain technology.
He stated that: “Again, we see a number of pockets around Asia where they are further ahead that we are here… Thailand, I talked about. Obviously, Japan is another place. So, you are absolutely right, it is Asia. I wouldn’t want to pin down exact markets… In Thailand, for instance, with that regulation, I think Siam Commercial Bank… is really active now in terms of settlements, digital assets activity.”
Ripple’s numerous technologies including the xRapid have been gaining more customers like banks and financial companies all over the world join their network. The earnings report released by Ripple recently shows that XRP sales doubled in the third quarter of 2018 compared to the same quarter last year. Ripple added that their remittance service might be able to transact $50 million in just 2 seconds with a transaction fee of just 30 cents.