- According to BRD CEO Adam Traidman, cryptocurrencies and the blockchain will advance into the mainstream, if a simplified usage is guaranteed.
- Innovations such as PayID, the banking app XUMM or easy-to-use wallets like BRD pave the way for further increasing adoption.
Adam Traidman is the CEO of one of the largest ripple wallet providers worldwide, “BRD”, whose crypto-wallet was the first app to be released in Apple’s App Store in 2014. BRD has customers in more than 170 countries and manages assets of more than $6 billion in cryptocurrencies.
In a new episode of the “Block Stars” podcast with David Schwartz, Traidman explains that more and more people and companies are using the app because it is extremely easy to use and offers almost the same functions as a bank account:
[From] people sending money home to their friends and families abroad [to]folks who don’t have bank accounts who can log into our app. They don’t need to have an ID, they don’t need to register. They could go spend that [money]and change the life of their family. The main reason why people use our app today is because it’s just really easy to get started.
Despite the global corona pandemic and its negative impact on the economy and people’s purchasing power, adoption continues to increase. Even large companies see the enormous potential that lies in Germany and the blockchain technology:
[It’s] like an AWS [Amazon Web Services] for blockchains. We’ve got large banks, accounting firms, and system integration companies…starting to use our platform in order to accelerate the development of [blockchain]apps. We can do more at scale [so our customers can]achieve a higher level of functionality, and therefore offer end-customers a better product or service.
Traidman believes that BRD has an important role to play in providing a platform for the industry’s future innovators.
We’ve made great progress as an industry in helping people…in creating opportunities. [BRD can help] spawn a new generation of technology that’s going to facilities making it easier to interact with all these digital assets.
BRD as well as Ripple strongly pushes the adaptation of cryptocurrencies.
Ripple banking app meets with increasing demand
The banking app XUMM, which Ripple introduced in March, offers the same functions as a traditional bank account. Fiat currencies and contact information can be managed and transactions sent and received. With the introduction of the Ripple Check function, it is even possible to issue digital checks and modify transactions afterwards or not send them at all.
Ripple’s joining into the Open Payment Coalition will drive the introduction of PayID, a free open standard designed to increase interoperability between payment networks. Instead of a long account number, a short unique number is sufficient to send transactions to this address. This makes the tiresome copying and memorizing of long account numbers unnecessary and greatly simplifies use.
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