In a recent interview the german newspaper Handelsblat reached the Vice President of Product at Ripple, Asheesh Birla, to talk about why banks should use digital assets and about what’s coming in 2018. Here there is a short version translated in english:

“Many wonder what digital currencies are for, we have a strong response to this,” says Asheesh Birla, Ripple Product Manager . The growing number of projects and an update of the ripple system are the main reasons for the extreme price increase.

Furthermore, international transfers often take several days and pass through the so-called corresponding banks. In some countries, financial institutions must have their currency available in special accounts to facilitate transactions. The software programs of the start-up founded in 2012 were based on the existing infrastructure of the banks. For example, if the dollars are exchanged for euros, Ripple will switch the dollar amount for XRP for a short time and then in Euro from XRP. Financial institutions do not necessarily have to keep the digital currency for themselves. “It would be entirely possible, and many financial institutions are interested in this,” says Birla.

Ripple has also attracted major financial investors. The investor of German origins Peter Thiel, who is also an important investor in Bitcoin, is one of the first donors. In addition, Google Ventures and Andreessen Horowitz are among the investors. However, a new round of financing is not currently necessary, says Birla.