XRP may become the official cryptocurrency for the 2020 Olympics in Tokyo. Ripple is a currency exchange which is created by Ripple Labs Inc., a US-based technology company. Ripple is built upon a distributed open source internet protocol and supports various types of tokens representing fiat currency, cryptocurrency.
Since XRP is one of the fast-growing cryptocurrency due to its higher market cap. Also, it is the fastest to transfer currency. Ken Takahashi filed a petition to make XRP the official cryptocurrency of the Olympic games in 2020 Tokyo. Hence, it has over 5,200 signatures out of a needed 7,500. The petition got 500 signatures within a short time from 500 to 1,000 in less than 72 hours.
Ken Takahashi stated this petition to International Olympic Committee and Ripple labs:
“The countdown to the Tokyo Olympics 2020 has begun!
While this global event presents great cultural and economic opportunities, hosting countries also face many challenges concerning infrastructure, transportation, and payment systems.
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.
We believe that the fast transaction times and security of Ripple Labs XRP cryptocurrency would be a great contribution towards solving this problem.
We thank you for your support!”
To make Ripple has worlds single crypto exchange currency:
As the countdown for Olympic games in Tokyo started a large number of tourists flow into the country which in turn leads to demand for local currency increases, causing long queues at exchange counters. This analysis is based on past Olympic events.
Ken Takahashi said
XRP may become the official cryptocurrency for the 2020 Olympics in Tokyo. “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.”
Takahashi chose XRP because of the faster mode of transactions without any complexity. XRapid product from Ripple labs aims in providing a more efficient alternative to SWIFT, the current standard for international transactions. In order to make XRP has a common crypto exchange currency Takahashi needs 7,500 signatures on the petition before he sends it to the Olympic National Committee.