Crypto News- In a recent post on the X platform, Jaskaran Kambo, the founder of SpendTheBits, a crypto payment app based on XRPL, shed light on the hurdles hindering the widespread adoption of XRP in the retail sector.
Referring to a June post by a prominent member of the XRP community, Kambo delved into the cost dynamics of running a multi-currency wallet. He highlighted that activating a multi-currency wallet, supporting BTC, CAD, and USDC, involves an approximate customer acquisition cost of $15 CAD, factoring in the current price of XRP. This insight underscores the financial challenges associated with expanding the utility of XRP in a retail context.
XRPL Developer Suggests Potential 15 Dollars Charge per User for XRPL Multi-Currency Wallet
The referenced post by Panosmek argued that the initial vision for XRP was centered around creating an open payment system and a peer-to-peer credit network for individuals. Contrary to a prevalent belief within the community that XRP was designed for banks, Panosmek contended that its primary purpose was to disrupt the banking monopoly and facilitate disintermediation.
While Kambo acknowledged the argument, he disagreed with the notion that XRP was explicitly built for individual users. This disagreement reflects the ongoing discourse within the XRP community regarding the token’s intended purpose and the challenges it faces in gaining broader adoption.
The issue of XRP adoption has become a prominent point of contention within the community, particularly following a legal decision by Judge Torres in July. XRP holders expressed frustration, asserting that the token’s adoption should have experienced significant growth following the legal clarity. Some accused Ripple, the company behind XRP, of intentionally impeding the token’s adoption.
The ongoing legal battle with the U.S. Securities and Exchange Commission (SEC) has had ramifications for Ripple’s business, as it faced setbacks in partnerships and adoption. The SEC lawsuit alleges that Ripple conducted the sale of XRP as securities. While the case is expected to conclude next year, experts suggest that any fines imposed on Ripple may not be substantial, considering that a significant portion of the sales occurred outside the United States.
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