Banks Need XRP, Former Ripple Executive Says

Ripple has been promoting the adoption of XRP at a global scale and this year, despite the global crisis, things have been going great in this direction.

More evidence that legacy financial institutions need XRP arises

Now, it’s been revealed that a recent delay to an international bank-led payment settlement initiative is just more evidence that legacy financial institutions need to adopt XRP, says a former Ripple executive.

The online publication the Daily Hodl brings up the USC – first proposed in 2015 by Swiss bank UBS Group AG and London-based blockchain R&D company Clearmatics, the payments project – originally known as the “Utility Settlement Coin”.

This is designed to provide bank-backed digital versions of important digital assets.

Founding Fnality International

Back in 2019, the partners of the project together with founding shareholders which include banking giants Banco Santander and Credit Suisse, founded the company, Fnality International in order to spearhead the initiative.

It’s been revealed that this new project was hoping to launch cryptos this year, but it seems that officials are saying that it still awaits regulatory approval.

According to the latest reports, the company is hoping to get the green light in Q1 2021. The firm has been building technological know-how according to International Chief Executive Rhomaios Ram.

This delay is evidence that banks need blockchain

Cory Johnson is a journalist who worked as Ripple’s chief market strategist and he recently highlighted the fact that the delay is evidence that banks need blockchain technology.

ODL is Ripple’s product that’s based on XRP.

Ripple’s cross-border payments product, On-Demand Liquidity (ODL), utilizes crypto exchanges and XRP to move equivalent value between exchanges. Also, the volatility risk is minimal due to the high speeds of transactions.

Ripple has been working really hard to convince regulators to adopt viable crypto regulations to support the emerging industry of the blockchain.

Coins Mentioned

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