The famous pro-XRP lawyer John Deaton proposed that the Ripple blockchain approaches banks or money transmitters with an offer to significantly reduce the fees they charge for international money transfers using blockchain technology. Deaton made this proposition in reply to a report that the Ripple network processed nearly $1 billion in four seconds with a processing fee of only $0.01. The crypto lawyer asked Ripple to approach money transmitters like MoneyGram and Western Union.
Deaton noted that while Ripple has been working to revolutionize the legacy payment system by making it more frictionless, the XRP ecosystem, comprised of users, investors, developers, and small businesses, has been instrumental in its success
Nonetheless, the adoption of new payment technologies by traditional settlement systems may come with multiple challenges, including regulatory frictions and community skepticism. For instance, the Ripple blockchain has been in a multi-year legal battle with the US Securities and Exchange Commission (SEC). The regulator alleged that Ripple sold unregistered security to the public, making billions of dollars.
Notably, Ripple’s utility token, XRP, is the bridge currency in their payment system, allowing for faster and cheaper transactions than traditional methods. The crypto lawyer added that Ripple owes a debt of gratitude to the XRP community for their support and contributions.