Payment service provider Ripple, the company behind the cryptocurrency XRP, has expanded its team and hired Sendi Young - a former manager at credit card giant Mastercard. Young will manage the company's offices in Europe as managing director.
Technology transforms the "old" financial world
Ripple has been in the news for months mainly because of its ongoing legal battle with the SEC. But in the background, development continues diligently. Now, the company behind the number 7 cryptocurrency by market capitalisation has hired former Mastercard manager Sendi Young. In the future, she 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 at Mastercard. There, she had taken on "leadership roles in strategy, commercialisation, 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 world's largest financial services companies ($15.3 billion in revenue in 2020) to bear on the development of XRP. Young:
"Over the past decade, I've been at the forefront of innovation in financial services and have seen technology dramatically change the way we bank and make payments."
Blockchain as a driver of innovation
However, the underlying payment and banking infrastructure remains a barrier to smooth cross-border value exchange and inclusion, he said. The financial executive:
"I firmly believe that blockchain and cryptocurrencies will improve today's finance by removing key inefficiencies."
Corresponding technologies could make the global financial system "fairer, more inclusive and more transparent" - and that is "just the beginning of what is possible". She said she was excited to "join such a talented and passionate team and company that is at the forefront of this change".
Europe is considered a critical market for Ripple - RippleNet (Ripple's payment network) has been able to grow exponentially here. A quarter of all current Ripple customers are in Europe, and year to date, European on-demand liquidity (ODL) transactions have grown 250% compared to 2020. According to Ripple, they account for over 40% of all ODL transactions year to date. The background to the advancing adaptation: countries such as the UK offer clear regulatory guidelines for digital assets, and there are also regulations for open banking in Europe that enable corresponding fintech innovations.
Is Ripple's XRP in for a 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 specialist lawyer Jeremy Hogan comments: 'If the case is filed, Ripple Labs could receive conditions from the court that trigger a supply shortage - and that combined with an increase in demand could cause the XRP price to skyrocket!'
Hogan speculates that Ripple could have conditions imposed on it that prevent it from selling XRP tokens as it has been doing. The lawyer believes it is possible in that case that the XRP supply on the market will be restricted "for years to come". This could lead to a so-called supply shock, in which XRP prices rise parabolically.
Also providing a push for the XRP price could be Ripple's plans to add smart contract and defi functionality to the XRP ecosystem. This is something the company is working on intensively behind the scenes, as Ripple CTO David Schwartz recently revealed.