🧐 ProPicks AI October update is out now! See which stocks made the listPick Stocks with AI

Breaking: US Banks Adopt Ripple’s XRP for International Payments

Published 2024/01/21, 15:12
Updated 2024/01/21, 15:30
© Reuters.  Breaking: US Banks Adopt Ripple’s XRP for International Payments
XRP/USD
-

Coin Edition -

  • Ben Armstrong shares insights on the US banks’ potential adoption of Ripple’s XRP.
  • Ripple CEO Brad Garlinghouse has hinted at the wider adoption of XRP following the token’s landmark victory against the SEC.
  • With XRP’s legal clarity and major upgrades, Ripple is heading towards acquiring its vision.

Ripple CEO Brad Garlinghouse has recently hinted at the potential adoption of XRP by the banks of the United States. In a recent video, Ben Armstrong, a prominent voice in the blockchain sector, asserted that the US banks’ adoption of XRP is poised to be “the key to XRP’s success.”

Ripple has been moving through a tough period for more than two years since the Securities and Exchange Commission (SEC) sued the platform in 2020. The regulators accused Ripple and its executives of allegedly raising “over $1.3 billion through an unregistered, ongoing digital asset securities offering.”

Though Ripple envisioned the global expansion and wider adoption of XRP, its legal challenges remained a severe hurdle in its path. However, in 2023, Judge Analisa Torres’ landmark ruling that classified XRP as a non-security tagged it as the only token with “legal clarity.” As per Ben Armstrong, Ripple’s win against the SEC hints at Ripple achieving its vision.

Armstrong delved deep into the history of XRP, unveiling its transition with upgrades and updates. He shed light on the “fatal flaw” of Ripple’s software that hindered the banks’ adoption of XRP. Although many banks leveraged Ripple’s software for cross-border transactions, the software never mandated its users to hold XRPs.

Thus, with Brad Garlinghouse figuring out the issue, Ripple introduced RippleNet and ODL (On-Demand Liquidity), replacing the previous products. This innovation envisions the broader adoption of XRP tokens, as it necessitates holding XRP for using Ripple’s blockchain. Armstrong described it as “the true value proposition of XRP.”

Armstrong believes that by Monday, the XRP community will listen to the news of the wider adoption of XRP, as hinted by Garlinghouse. He added that Ripple’s CEO hasn’t done anything for the realization of the mission other than being “very strategic.”

The post Breaking: US Banks Adopt Ripple’s XRP for International Payments appeared first on Coin Edition.

Read more on Coin Edition

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.