- SpendTheBits founder Jaskaran Kambo says achieving retail adoption of XRP is difficult.
- The founder says running a multi-currency wallet on XRPL will bring about $15 CAD in customer acquisition costs.
- XRP price has edged higher in the past 24 hours as of writing.
In a recent X post, Jaskaran Kambo, founder of the XRPL-based crypto payment app SpendTheBits, highlighted the challenges in achieving the retail adoption of XRP.
Referencing a June post from a prominent XRP community member, Kambo explained that running a multi-currency wallet is expensive. “Activating a multi-currency (BTC, CAD, USDC) wallet comes with an approx. customer acquisition cost of $15 CAD, considering current $XRP price,” he tweeted.
In the referenced post, Panosmek argued that the original vision for XRP was to be an open payment system and a P2P credit network for people. He added that contrary to widespread opinion in the community, the token wasn’t built for banks.
“It’s sad that a big part of the #XRPCommunity still believes that XRP was created for banks or to help institutions. It was literally created to destroy the banks’ monopoly and disintermediate them,” Panomek tweeted. While nodding in agreement with the argument, Kambo disagreed that XRP was built for people.
Meanwhile, the adoption of XRP has been a growing contention within the community since Judge Torres’ decision in July. XRP holders contended that the token’s adoption should have grown considerably following the legal clarity.
Furthermore, they accused Ripple of deliberately slowing the adoption of the token. However, pro-XRP advocates argued that the U.S. Securities and Exchange Commission lawsuit timeline severely hurt Ripple’s business as it lost out on partnerships and adoptions.
With the case scheduled to end next year, Ripple may have to pay fines for the institutional sales of XRP, which the court said qualified as securities. However, experts suggest the fine may not be substantial given certain factors, such as that 95% of the sales happened outside the U.S.
Turning to CoinMarketCap, data show XRP has edged higher in the last 24 hours. At the time of press, the token was exchanging hands at $0.6199 apiece. Similarly, XRP’s trade volume also increased within the same period.
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