XRP, with its distinctive payment capabilities, recently took the spotlight thanks to the insights of John Deaton, a prominent lawyer and the founder of Crypto-Law. Deaton’s commentary centered on the TapJets case. Here, XRP played a pivotal role in addressing a significant challenge known as the “Friday/weekend problem.”
In the exclusive world of private jet travel, customers are typically required to cover upfront costs, including flight crew salaries and fuel expenses. Traditionally, issues arise during weekends when banks suspend their operations, causing delays in critical transactions. Drawing from TapJets’ testimony in the Ripple case amicus brief, Deaton illustrated how XRP seamlessly resolves this weekend dilemma.
“With XRP, in a mere 3-5 seconds, all costs are cleared, putting your private jet in immediate readiness,” he emphasized.
Ferrari Embraces XRP’s Swift Efficiency
The luxury car giant Ferrari has recently embraced XRP as a payment option. This move is part of Ferrari’s broader strategy to accept other leading cryptocurrencies. This includes Bitcoin (BTC) and Ethereum (ETH), catering to the growing demand from its upscale clientele.
Ferrari has partnered with BitPay, a well-known crypto payment facilitator, to ensure seamless cryptocurrency transactions. While this service will initially be available in the United States, there are active plans to expand its reach into European markets.
Wider Adoption of XRP in the Market
XRP’s prominence as a preferred payment method is on a continuous rise. The primary reason is its ability to swiftly settle transactions at a fraction of the cost compared to many other cryptocurrencies. It is increasingly becoming the favoured choice for numerous businesses.
Xsolla, a leading video gaming startup, recently joined forces with BitPay. This will enable gamers to purchase and interact with top-tier brands like Ubisoft using XRP. BitPay’s extensive reach has allowed transactions with numerous high-profile merchants. In a recent development, BitPay disclosed that XRP is now accepted by 28 significant merchants, including entertainment giant AMC Theatres.
Also, the adoption of the token extends beyond BitPay, with other crypto payment solutions like FCF Pay contributing to its broader acceptance. Their recent partnership with the automotive giant Honda clearly illustrates this, allowing potential buyers to use XRP for vehicle purchases or leases.