Ripple's Solution for Money Transfer

So where Ripple started was to solve a simple problem,

and that is moving money.

And today, we've all had experience.

Well, not too many people write checks.

Not too many people do those things anymore.

If everybody were on Venmo,

wow, that would be easy, right?

Well, not everybody's on Venmo.

There's a whole bunch of different networks.

And the way I think about this,

because I'm doing a quick survey of the audience,

there's some people more my age than my son's age.

You know, back when the internet was getting started,

you had CompuServe, you had Prodigy, you had AOL.

You know, you couldn't send an email from Prodigy to AOL.

You could only communicate within a closed network.

Our payment networks are the same thing.

Venmo is a closed network.

Until very recently, you couldn't move money from Venmo to PayPal,

and PayPal owns Venmo.

Like, that doesn't make any sense.

But it's because of how our payment networks are configured.

The highest friction is sending money overseas.

Now, either from a professional point of view or

a personal point of view,

if you've ever had the unfortunate need to send money overseas,

it is painful, it is expensive, it is slow,

and mistakes happen, and it gets lost for two weeks,

and you have to go track down.

Rarely do you ever lose your money,

but it's really frustrating.

And what I used to say is,

in a world where you literally can stream video from the space station,

how can you not move your own money from

A to B in a simple, reliable way?

Ripple went out to solve that problem,

and in our technology, by the way, everything

I've said, you'll notice, I didn't say crypto,

I didn't say XRP.

Like, consumers wanna understand how it impacts them,

customers.

And does anybody here really care if

it went through XRP to solve that problem?

You don't care.

But what you do care about is, was it fast?

An XRP transaction's about four seconds anywhere in the world.

Is it cheap?

It's fractions of a penny to move that money.

Now, we decided to go, instead of go signing up individuals,

we sell our technology to banks, financial institutions around the world.

I'm sure we'll talk about,

we ended up getting sued by the U.S. government,

which meant that our U.S. business was very stagnant for about five years.

That's changed now, but hopefully that was a simple description

that I kinda gave them.

It was.