- XRP will never be adopted by banks – Nic Carter
- Ripple still has a long way to mass adoption
According to Ripple’s CEO, Ripple provides innovative solutions linked to cross-border payments and remittances. Its network currently includes more than 200 regional and international banks globally. The latest additions to the ever-growing RippleNet are India’s HDFC Bank, Pakistan’s Faysal Bank and SendFriend. Although most of these financial institutions are yet to change to On-Demand Liquidity (ODL) formerly known as xRapid, a product provided by Ripple.
So far Ripple has remained the pacesetter of this emerging Fintech field, and its advent has contributed to many in the crypto sphere observing. Previously, the chairman of SWIFT had recognized the emergence of cryptocurrencies and accepted how the financial sector is among the extraordinary change. A statement that was restated by the CEO of Deutsche Bank who elucidated the need to adapt to advent technologies.
Sometime in July, Marjan Delatinne of Ripple announced that about 20 banks were using Ripple’s xRapid product. A system that permits the use of XRP to make cross-border transactions and swift transfers. These financial institutions included the likes of SBI Holdings, Mercury FX, Transpaygo, and many more. Although these figures was minor when equated to the hundreds of financial institutions that are part of RippleNet.
Ripple still has a long way to mass adoption
XRP’s still price movement has been a cause for concern for thousands of traders and investors. Speaking on the price movement of the coin, the co-founder of Coinmetrics.io, Nic Carter, tweeted that: “if there’s anything bankers hate, it’s being told that banks will use XRP. They will never use it, there are structural reasons they cannot (does the Ripple army know about Basel III?) and even if they could, they wouldn’t.
Stating further that, “also the interesting thing is that some of these informed skeptics tend to be more sympathetic towards bitcoin – at the very least, they appreciate its ideological consistency – as opposed to the cargo cult projects like private blockchains or god forbid ripple.”
The fact that Ripple is developing as a Fintech company and a remittance provider cannot be denied. Currently, Ripple’s work has permitted XRP to serve as a link between conventional bankers and the crypto sphere. This is one of the major reasons why more banks are adopting the use of XRP.
XRP (XRP) Price Today – XRP / USD
Though, notwithstanding the ever-expanding news of adoption development and partnerships. Ripple and XRP are still a long way from being truly embraced by banks.