Payment service provider Ripple, the company behind cryptocurrency XRP, has expanded its team and hired Sendi Young – a former manager of credit card giant Mastercard. As Managing Director, Young will manage the company’s subsidiaries in Europe.

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Technology transforms the” old ” world of finance

Although Ripple has been in the media for months mainly due to the ongoing litigation with the SEC. In the background, however, is diligently further developed. Now, the company behind the number 7 cryptocurrency by market capitalization has hired former Mastercard manager Sendi Young. In the future, it will take care of the development of Ripple’s global financial network technology RippleNet.

According to Ripple, Sendi has over fifteen years of experience in fintech, payments and consulting, and also spent five years with Mastercard. There, she took on” leadership roles in strategy, commercialization, bank-fintech partnerships, and business development.”

Young could make a strategically important contribution to Ripple, as she will now bring her experience at one of the largest financial services companies in the world ($15.3 billion in revenue in 2020) to the development of XRP. Young:

“Over the past decade, I have been at the forefront of innovation in the financial services sector and witnessed how technology has dramatically changed the way we do banking and payments.“

Blockchain as a driver of innovation

However, the underlying payment and banking infrastructure remains an obstacle to smooth cross-border value exchange and inclusion. The Financial manager:

“I strongly believe that blockchain and cryptocurrencies will improve today’s finance by eliminating the central inefficiencies.“

Such technologies could make the global financial system “fairer, more inclusive and more transparent” – and this is “just the beginning of what is possible”. She is excited to join”such a talented and passionate team and a company that is at the forefront of this change.”

Europe is considered a critical market for Ripple-RippleNet (Ripple’s payment network) was able to grow exponentially here. A quarter of all current Ripple customers are based in Europe, and over the year to date, European on-demand liquidity transactions (ODL) have grown by 250% compared to 2020. According to Ripple, they account for over 40% of all ODL transactions so far this year. Background of the ongoing adaptation: Countries such as the UK provide clear regulatory guidelines for digital assets, and Europe has rules for open banking that enable fintech innovation.

Does Ripple’s XRP experience supply shock?

Also bullish for XRP: A positive outcome of the SEC lawsuit against Ripple Labs could have a massive impact on the XRP price. For example, cryptocurrency lawyer Jeremy Hogan comments: If the case is shelved, Ripple Labs could receive court orders that trigger a shortage of supply-and that, combined with rising demand, could cause the XRP price to explode!

Hogan speculates that conditions could be imposed on Ripple that prevent the company from being able to sell the XRP tokens as it has so far. The lawyer considers it possible in this case that the XRP offer on the market will be restricted “for the coming years”. This could lead to a so-called supply shock, in which XRP prices rise parabolically.

Ripple’s plans to add smart contract and defi functionality to the XRP ecosystem could also push the price of XRP. As Ripple CTO David Schwartz recently revealed, the company is working hard on this behind the scenes.

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Last updated on July 1, 2021

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