Institutions Keep Joining RippleNet To Effectively Rival Banks Payment Systems
According to Wellington Sculley, Business Development Director at Ripple, talked about how RippleNet is growing and how it has changed during the last year.
Sculley has been working at Ripple for over five years, something that is very positive at the time of known products and how they have been developed. And indeed, he said that an important number of non-bank payment companies are joining the network. These companies are trying to provide new solutions and compete with banks.
About it, Sculley commented:
“I think the biggest change is that we’ve seen an increasing proportion of non-bank payment companies joining the network. I think that’s super cool given that a lot of these non banks are coming into the market to provide various specialized payment services to compete with banks who are really having a problem to catch up.”
At the same time, these new financial institutions show that there is an important interest from enterprises to be in the crypto market. Additionally, this movement will provide a ‘network of networks of specialized payment capabilities.’
He has also talked about the future and what we are going to see in the coming years in terms of payments. He thinks that there is an important advancement of digital banks in the industry, and that they will offer not only fiat currencies but also virtual currencies.
“I think what’s going to come in the future is that more and more of these digital banks, and I think you can even say banks, are going to offer the same similar capability beyond just a multi-currency account; the ability to hold and potentially spend digital sets in addition to fiat currencies. I think that’s super exciting I think a very different world from where things were about a year ago,” he explained.
He gave an example about a customer from London that wants to travel around Europe and he uses a bank that would let him hold Bitcoin, XRP, Ethereum or any other virtual currency.
Additionally, these companies would help users around the world have a more seamlessly experience at the time of travelling. It would not be necessary to be changing currencies at all times, reducing fees paid and time.
The Brisbane Airport in Australia is the first crypto-friendly airport around the world. It allows people to easily buy and sell virtual currencies without having to depend on fiat currencies.