In a bid to reduce the costs of international money transfers, pro-XRP attorney John Deaton has urged the Ripple blockchain to propose a significant reduction in the fees charged by banks or cash transmitters. Deaton’s proposal came in response to the announcement that the Ripple network processed over $1 billion in just four seconds, with a processing cost of only $0.01.
John Deaton proposes using blockchain technology to make money transfers affordable
Deaton has called on Ripple to reach out to money transmitters such as MoneyGram and Western Union with a message emphasizing the affordability of using Ripple’s technology for money transfers. With these companies charging consumers between 9-15% to transport money worldwide, Deaton stressed that Ripple’s technology could do it for a fraction of the cost.
In today’s global economic climate, where cost-effective solutions are crucial, Deaton’s proposal could be a game-changer in the financial industry. The use of blockchain technology to facilitate affordable money transfers could benefit millions of people around the world. It remains to be seen how Ripple and other money transmitters will respond to this proposal.
The importance of the XRP ecosystem in facilitating low-cost money transfers cannot be overstated. Ripple’s technology has the potential to revolutionize the way money is transferred across borders, and Deaton’s proposal could be the first step towards achieving this goal. As the world becomes more connected, the need for affordable and efficient money transfer systems will only continue to grow. It is therefore crucial for financial institutions to embrace the potential of blockchain technology and explore innovative solutions that benefit both consumers and businesses.