A petition to make XRP the official cryptocurrency of the upcoming 2020 Olympics in Tokyo has been submitted. The petition that shares that XRP can provide the solution to foreign exchange issues is gaining substantial traction as it is coming close to touching the 10k mark.
XRP petition close to reaching 10k signatures
XRP is on a roll. After releasing its highly anticipated product xRapid last week in its Swell event, now a petition has been started to make it the official cryptocurrency of the Tokyo Olympics 2020.
The petition has been started by Ken Takahashi to International Olympic Committee. Ripple Labs has also been tagged in this petition.
According to Takahashi, XRP can help with the problem of foreign exchange that runs rampant in such big events as the petition reads:
“While this global event presents great cultural and economic opportunities, hosting countries also face many challenges concerning infrastructure, transportation, and payment systems.”
Pointing out the problem, the Ripple states:
“As tourists stream into the country, demand for the local currency skyrockets, causing long lines at currency exchanges, as seen at past events like Beijing 2008 and Rio de Janeiro 2016. Confusing exchange rates and language barriers further complicate the problem.”
The petition is moving at a fast speed as just a few days back it has reached the 7,500 signatures milestone. About 9 months back, it has gained 3,000 supporters and now in a couple of days, it is close to touching the 10k as it registers 9,462 signatures.
With Ripple already testing out xRapid and XRP for cross-border settlements, the petition has significance. Moreover, the Ripple website mentions that it takes about 4 seconds to settle a payment via XRP. Also, “XRP consistently handles 1,500 transactions per second, 24×7, and can scale to handle the same throughput as Visa (50,000 transactions per second, as of July 15, 2017).”
The petition concludes with,
“We believe that the fast transaction times and security of Ripple Lab’s XRP cryptocurrency would be a great contribution towards solving this problem.”
The world’s third largest cryptocurrency has a market cap of $19.2 billion while trading at $0.481 at the time of writing. Up by about 2 percent, it is managing the daily trading volume of over $520 million.
A blockchain enthusiast, my expertise extends to marketing and advertising through which I was able to help a few notable startups in generating initial traction. Follow me on Twitter at @abhinavagrwl94 and reach out to me at abhinav[at]coingape.com