The crypto market is tumbling at a really fast pace these days, and Bitcoin even fell below the important level of $9,000.
On the other hand, the fate of two altcoins seems to be going on a pretty successful path.
XRP and ETH become dominant in two use cases for cryptos
It’s been just revealed that XRP and ETH are becoming dominant in two early use cases for crypto, according to Ripple senior vice president of product Asheesh Birla.
During a recent conference, Birla said he believes it will be difficult for competing companies and cryptos to outperform XRP in the world of cross-border remittances.
The very same goes for ETH as well, he said when it comes to DeFi – this is an umbrella for a crypto-based push for automating and removing middlemen from traditional financial services such as lending and borrowing.
“I think that Ethereum is really interesting in that over $1 billion in loans is the DeFi ecosystem. So they really own that narrative. They have products and an ecosystem around that narrative,” he said.
He continued and had a few words about XRP as well: “XRP, the digital asset that powers the Ripple network in any destination where our products are live – XRP is the most liquid digital asset.”
Birla also said that “And so for cross-border payments and remittance products, I think that XRP will perform really well in those use cases. But everyone has to find their niche and use case and build that ecosystem.”
He believes that it will be very hard to beat XRP in the area of cross-border payments these days. The same goes for ETH regarding the DeFi ecosystem.
We recommend that you head over to the Daily Hodl’s original article in order to learn more about what Birla had to say on these two subjects.