Ripple executive backs the idea of Twitter embracing XRP for global creator payments, highlighting crypto’s instant, flexible advantages.
Ripple President, Monica Long, has weighed in on the intriguing prospect of Twitter embracing cryptocurrency as a form of payment, particularly XRP. Long responded with a cryptic yet suggestive lightbulb emoji.
— Monica Long (@MonicaLongSF) August 4, 2023
With a lightbulb icon signaling her support for the bright idea, she heralded the essence of the XRP proposal.
Notably, the approving reaction came in response to a tweet by Brendan Berry, the Head of Payments Products at Ripple, who voiced his view on why Twitter should adopt crypto.
Berry ignited a thought-provoking discourse alluding to Elon Musk’s vision of Twitter evolving into the ultimate digital haven for livelihood. For this aspiration to materialize, Berry opined that cryptocurrency must take center stage in Elon Musk’s contemplations.
To be the 'best', you can’t think US-only. The universe of creators needs to be paid in the currency/country of their choice. If I were a creator, this would be at the top of my wish list.
— Brendan Berry (@_b_berry) August 4, 2023
Berry expressed that Twitter must extend its reach beyond the United States and cater to creators worldwide to achieve the goal. He emphasized allowing creators to be paid in their preferred currency or country.
Problem Statement
Berry pointed out a significant challenge in making international payments efficient for small amounts. He noted that after factoring in Twitter’s operational costs and international wire fees, the expenses of transferring funds to creators could sometimes exceed the actual payout.
Additionally, Berry argued that requiring creators to have a bank account could prove limiting, considering a substantial portion of the global population remains unbanked. Berry acknowledged the shortcomings of traditional cross-border fiat payments, which often take several business days.
XRP Resolves This
The Ripple Head of Payments Products proposed that Twitter could leverage cryptocurrencies to revolutionize creator payments. According to him, by using crypto, Twitter could provide instant payments to creators while offering unmatched currency flexibility.
He mentioned the benefits of using fiat-backed stablecoins and well-known cryptocurrencies like XRP, Bitcoin (BTC), and Ethereum (ETH).
If X were to leverage crypto to pay creators, X would be able to pay creators instantly, while providing an incredible amount of currency flexibility. Fiat-backed stablecoins as well as public crypto (BTC, ETH, XRP, etc) have various upsides, and all are broadly accessible.
— Brendan Berry (@_b_berry) August 4, 2023
According to Berry, the real differentiator would be enabling creators to receive payments immediately or every hour through crypto. While Berry did not explicitly position XRP as the only ideal asset, his position as a Ripple employee has triggered such assumptions from the XRP community.
Berry noted that by partnering with entities that facilitate crypto-to-fiat conversions, creators could instantly convert their crypto earnings to their local currency.
Monica Long, President of Ripple, responded to the thoughts with a simple light bulb emoji, indicating her recognition of the innovative potential of the ideas.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
