In a bid to reduce the fees charged for money transfers, lawyer John Deaton suggested that Ripple contact banks and money transmitters like MoneyGram and Western Union. He noted that while the current international transfer fees range from 9-15%, they can be reduced to less than a penny using the Ripple blockchain.

Ripple blockchain has been a pioneer in making legacy payment systems more frictionless, with the help of users, investors, developers, and small businesses. However, the adoption of new payment technologies comes with certain challenges, including regulatory frictions and community skepticism. An eye-catching example of the latter is Ripple’s multi-year legal battle with the US Securities and Exchange Commission (SEC).

XRP, Ripple’s utility token, is the bridge currency used in the payment system for faster and cheaper transactions than traditional methods. John Deaton believes that Ripple owes gratitude to the XRP community for their contributions and support. The initiative of reducing fees is a good opportunity for Ripple to demonstrate recognition of their efforts.

The potential of Ripple to lower the fees relative to traditional money transfer services could offer a great benefit to millions of people. Not only will they be able to send cross-border payments quickly and securely, but at significantly lower rates, potentially boosting financial inclusion and speeding up the momentum of blockchain adoption.



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