Struggling Ripple is looking to change its strategy. Brad Garlinghouse, the CEO, of the company has said that the company is trying to become the ‘amazon of payments’.
“Amazon started as a bookseller and just sold books. We happen to have started with payments. Two years from now, you’re going to find that Ripple is to payments as Amazon was to books.”
This development comes after Ripple continuously struggled to find cases for XRP. The FT report has now claimed that Ripple, which was trying to create a Blockchain based cross platform, has reportedly seen less adoption with banks and other financial institutions than hoped.
Ripple was initially set up to develop a blockchain-based cross-border payment platform, but the platform has reportedly seen less adoption with banks and other financial institutions than hoped.
And companies that are already using its system and XRP cryptocurrency, such as MoneyGram, receive incentives from Ripple for doing so, as The Block reported recently.
Ripple also invests and grants money to projects via its developer initiative Xpring to grow adoption of XRP and its technology.