Over the past two weeks, several aspects of Ripple were questioned, whether it entails the centralized side of things, the XRP token or how both have no apparent connection. Most importantly, understanding Ripple’s usability.
Despite all the negative press surrounding Ripple, a recent post shared by Coin Gape revealed that banks are very much interested in the products Ripple the firm has to offer – an interest that is actually coming from across the globe. Here is a breakdown as to the examples provided in their reporting:
The first example was that of the Canadian financial institution, Royal Bank of Canada (RBC). RBC is known for not only its banking services, but also their focus in capital markets. One particular investment bank, RBC Capital Markets (i.e. a subset of RBC financial services), sees potential in not what Ripple’s products have to offer, but more on how it sheds light on blockchain technology’s role in the remittance sector.
In particular, RBC Capital Markets was quoted saying the following,
“While not necessary for xCurrent and payment processing, we believe that it is helpful to use the “complete” solution as an example of how blockchain could disrupt the remittance market, including the use of XRP.”
The investment bank supposedly trusts that each of the products offered resolves existing issues, namely, the lack of transparency, liquidity, speed, high costs, etc.
Another bank that supposedly sees worth in Ripple is the Kuwait Financial House (KFH), the bank that is currently testing Ripple. A document titled, “Choosing the Direct Connection for Faster Payments Access,” noted two reasons as to why Ripple was considered. First, it is believed that Ripple’s technology and platform can support faster transactions, especially cross-border. The second appears to be a mix of transparency and security, two that are highly correlated.
Although KFH is currently in its testing phase, the bank has stated that the process of integration is a tedious one. In particular, Kuwait’s Central Bank needs to approve the endeavor prior to moving forward. For the time being, the bank has not arrived at the conclusion as to which product to pick, xCurrent or xRapid.
xCurrent and xRapid are closely related, especially in terms of services, however, the one main factor that separates the two is the fact that the latter is the only product that supports the XRP token. A previous post shared by Bitcoin Exchange Guide looked at the disconnection between XRP and Ripple, as the latter’s product hypes had no influence whatsoever on the XRP token prices, claiming it as a reason for XRP stagnation.
Two other projects are supposedly contemplating whether Ripple is suitable, which include the Verso.Exchange and PetroDollars.
Verso.Exchange is yet another project that is currently working towards forming a bridge between “centralized and decentralized crypto exchanges”, as Coin Gape put it and their team trusts that the use of “xRapid and xCurrent” can contribute towards “transparent fiat to cryptocurrency settlements through Verso’s Fiat Exchange Gateway (VFEG).” Similarly, PetroDollars hopes to form an alliance with Ripple in helping its currency gain support within the remittance sector.
What are your thoughts on the demand in Ripple products? Do you think the XRP token is underutilized? Let us know what we should look into next in the comments below.
Over the past two weeks, several aspects of Ripple were questioned, whether it entails the centralized side […]
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