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Ripple, a company specializing in blockchain payments, has long been committed to cooperating with governments and international banks to simplify cross-border payment processes. Now, this controversial new start-up no longer focuses on this, but plans to expand Expand technology applications at scale and eventually become "Amazon in the payment field."

Over the past five years, by Brad
When Garlinghouse became CEO of the company, Ripple had been focusing on cross-border payments. During this period, Ripple has indeed achieved unprecedented success as a software solution provider for financial companies, but the new payment startup seems to have realized It turns out that Ripple (XRP) and the Ripple blockchain are the core values of the company.

Although news has emerged that Ripple is entering into partnerships with major banks and directly providing millions of dollars in funding to blockchain and cryptocurrency startups, it has now stopped its rapid development. And re-adjusted the company's business strategy.

The Financial Times reported that Ethan Bear, head of Ripple’s development department,
Said that they are changing from "writing checks to writing code", which means that the company plans to vigorously promote the development of new applications on the Ripple network.

As we all know, Ripple was originally established to develop a blockchain-based cross-border payment platform. However, the adoption rate of this platform among banks and other financial institutions is still not as good as expected.

According to Brad Garlinghouse, this initiative is an extension of the "company strategy" rather than a complete change of development direction. The ultimate goal is to convert Ripple into
Becoming a broader blockchain platform, just like Amazon has become an e-commerce giant. He said,

Amazon started out as a bookseller, selling only books. We also happen to start with payment. In two years, you will find that Ripple will do to payments what Amazon did to publishing.

The report pointed out that Ripple hopes to build a blockchain platform that can be widely used in the e-commerce field. Brad Garlinghouse
Mentioned, "We are capitalists, we own a lot of Ripple. But Ripple's goal is to provide a lot of utility through Ripple", but this may take "years" to develop based on Ripple
The application of blockchain technology can further prove that the high market value of XRP is reasonable.

Even so, unlike Amazon's rise, the truth before Ripple is that their first application was not successful, and other services could not be promoted. Even if it has a large number of basic active users, it will not help. To make matters worse, Ripple’s reputation in the cryptocurrency space is also controversial because of the company’s insistence on building bridges to the existing financial system, which is inconsistent with the aggressive anti-construction motivations of many developers.
establishment motivations) conflict.

In this regard, Michael Arrington, founder of TechCrunch and now at a $100 million cryptocurrency hedge fund, explained,

In the cryptocurrency world, it (Ripple) is despised by many people because it keeps trying to get closer to the banks.

While XRP's uses are limited, there is a glimmer of hope for speculators who see it as a fixture in the cryptocurrency market. For most of this year, XRP
The price has been in a sluggish state and has not caught up with the rising tide of Bitcoin and Ethereum. However, it soared by nearly 50% in the last week of July, setting the highest price level since the outbreak of the new coronavirus crisis.