We were recently reporting that more voices in the crypto space have said that XRP may be in “danger” after the latest move made by some pretty important banks all over the world.
The financial institutions are teaming up for an exciting move in the financial and crypto spaces.
Launching Fnality
Banks seem to be working hard in order to avoid the volatility of Bitcoin and other cryptos, but while, at the same time, getting on board with the innovative technologies.
They are gearing up to launch a platform called Fnality for using blockchain-based currencies that are 100% backed by central banks.
The USC is the Utility Settlement Coin, and the project is initiated to support USD, CAD, EUR, GBP, and JPY at the beginning all over the world for central banks and commercial institutions.
Ripple partnerships would reportedly be more efficient
The founder of Gokhshtein Magazine, David Gokhshtein tweeted back in May that Ripple’s XRP can and will take over the global financial system, says Investinblockchain.
It costs the banks less to partner up with $XRP than it does for banks to create their own #crypto.
— David Gokhshtein (@davidgokhshtein) May 19, 2019
The man also said that Ripple’s ecosystem and infrastructure would eliminate the need for banks to have their own coin. A partnership with Ripple would also cost less.
Facebook could have develop their own Instagram. Instead, they bought the project.
Point being, it’s easier to just partner up with something that’s already tested and proven to work.
— David Gokhshtein (@davidgokhshtein) May 19, 2019
The costs that they would have to support if they decided to build their own coins would be much higher.
Ripple has recently said that the company is not working against banks and regulators and instead they want to work with them.
The San Francisco-based company has been working really hard to overcome the flaws featured by the traditional payments system SWIFT.
bottom line: banks aren’t going to fade out. they will always find a way to adapt to the current environment.
that being said; @ripple has the perfect system in place for them and that’s why most of them are teaming with them. $XRP #SundayThoughts
— David Gokhshtein (@davidgokhshtein) May 19, 2019
Ripple manages to ensure faster, cheaper, and safer transactions across borders, and that’s why more banks and financial institutions are choosing its products.
Ripple enthusiasts and XRP fans are only waiting for the digital asset XRP to reflect all the important achievements flaunted by the company.
