Cryptocurrencies News Ripple CRAZY MINING ORG 5 years ago

N. Carter: Banks will never use Ripple XRP

Ripple is known as a company offering cross-border payment and money transfer solutions. Currently, its network includes more than 200 regional and international banks around the world. In fact, the Indian HDFC Bank, along with Pakistani Faysal Bank and New York SendFriend, have become the latest cogs in the ever-expanding RippleNet network. However, most of these financial institutions have yet to switch to ODL (liquidity on demand) technology, formerly known as xRapid.

Nevertheless, Ripple continues to personify the new fintech industry, the appearance of the company has helped many to pay attention to this sector. The same chairman of SWIFT acknowledged the emergence of cryptocurrencies and agreed that the financial sector is in the process of “extraordinary changes,” which agrees the CEO of Deutsche Bank, who is also confident in the need to adapt to new technologies.

Marian Delatinn of Ripple announced in July 2019 that about 20 banks are already connected to xRapid, a system that allows you to use XRP to make international payments and quick transfers. Among these institutions there are companies such as Mercury FX, SBI Holdings, Transpaygo and others. However, compared with hundreds of institutions included in RippleNet, this figure looks insignificant.

“Bankers hate something, then we are told that banks will use XRP. Yes, they will never use it, there are structural reasons why they cannot do it (does the Ripple army know about Basel III?). Even if they could, then would not do that. “