XRP as a payment method.
standing ovation will be the first agency in the industry to accept the digital asset XRP as a means of payment.
XRP? Sounds rather cryptic? Well, it would. With immediate effect, standing ovation is accepting the crypto-currency XRP – the first agency in the industry to do so. It is therefore embracing blockchain technology. This requires some explanation. So here goes.
Why are we doing this?
It has long been apparent that blockchain technology will fundamentally change processes and value creation chains. Which means it will also change our everyday lives – professional and private. Those who miss the boat will end up regretting it. The security aspects and benefits offered by this innovative new transaction technology are already being exploited by all sorts of industries. As an additional factor, a leading European hub for blockchain technology is springing up in Zug – just a stone’s throw from our offices. Switzerland’s “crypto valley” is home to numerous dynamic companies that we would like to become better acquainted with. And by committing to blockchain technology at an early stage, we can ensure prompt compatibility with new business models and markets.
Crypto-technology is evolving at a dramatic pace. Peer-to-peer transactions and decentralized marketplaces will soon become commonplace. Even as things stand, there are more than 2,000 crypto-currencies in existence. That said, many of these are not truly viable creations from a market perspective. Only a very few digital assets are also suitable for use as transaction currencies.
Ripple is currently the no. 3 player in the world of traded crypto-currencies.
Ripple has created one of these with its digital asset XRP. We want to become part of the crypto-economy at an early stage and acquire experience in this area. As a purchaser of international services, we will at some point be confronted with these payment options in any case.
XRP is one of the most commonly traded digital assets worldwide. More than 250 fiat currencies are already paired with XRP and trade on more than 400 markets. But XRP is more than just a digital currency. Because its creator Ripple, a fintech company based in California, has built up an extremely rapid transaction network known as RippleNet.
RippleNet is currently actively used by more than 200 financial institutions.
RippleNet brings particular efficiency to something that Bitcoin makes rather laborious, namely executing transactions. Whereas Bitcoin is a peer-to-peer network, XRP acts as a bridging currency between the traditional (i.e. originally gold-backed) fiat currencies. In addition to the more than 200 financial institutions already actively using RippleNet, dozens of other companies are currently in pilot phases or on the verge of going live.
The Ripple protocol is an open standard that also incorporates existing payment networks such as Swift GPI via API technology. Indeed, Distributed Ledger Technology (DLT) and RippleNet are even viewed by the IMF as the future of financial transactions. The adoption of RippleNet – and therefore the use of XRP as a digital asset – is proceeding at a rapid tempo worldwide.
Future solution for financial transactions.
As a live communications agency with innovative clients in the technology and finance area, we want to be a first mover. For us, creativity is inextricably linked to technology. And this is particularly true of the understanding of technology. So our acceptance of XRP is about much more than embracing a new payment method: It represents our entry into the blockchain economy. Would you like to pay for our services with XRP? Contact us and we’ll take it from there.
Find out more at: ripple.com