An ongoing petition by Ripple supporters that aim to make XRP the official cryptocurrency of the 2020 Winter Olympics is close to 10,000 signatures. The lead petitioner, Ken Takahashi argues, “While this global event presents great cultural and economic opportunities, hosting countries also face many challenges concerning infrastructure, transportation and payment systems.”
Takahashi revisits the ordeals of the Beijing and Rio de Janeiro Olympics where tourists were forced to withstand long queues and still endure exorbitant exchange rates. He said,
“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.”
The petition actually has merit considering that the cited concerns during the Olympics are realistic. XRP is the third largest cryptocurrency after Bitcoin and Ethereum. However, it poses competitive advantages over the other cryptos making it suitable for use at a huge event like the Olympics.
Speed of course. XRP can make settlement in 5 seconds compared 5 and 60 or more minutes it will take Ethereum and Bitcoin to complete the same settlement respectively. With XRP the long queues at the currency exchange stands could be a thing of the past.
XRP allows for quick and secure global transactions. XRP like other digital assets is not geographically limited. Transactions can be carried out to and from regions with inefficient banking systems.
Individuals and banks using XRP can save up to 60% in transaction fees. This is a welcome consolation as tourists have often been overcharged by local currency exchange institutions.
The approval will not only be a big win for XRP but to the entire cryptocurrency industry. The Olympics is a huge marketing platform and could help serve the purpose of introducing cryptos to the mainstream global market.