Ripple Sales Director Says Banks Will Adopt Cryptocurrencies But Small Businesses Likely First
Ripple Believes Virtual Currencies Will Be Adopted By Banks
Ross D’Arcy, the Sales Director of Ripple, believes that once virtual currencies become regulated, banks will start to use them to solve some of the challenges they are currently facing. During the Impact Fintech 2018 event, D’Arcy talked about Ripple and how it can improve cross-border transactions in the financial industry.
At the event, he mentioned that they are not doing any experiment with the products they are offering. He mentioned that they are solving real use cases around the world and in the financial industry.
Nowadays, banks have some issues with their connectivity, something that increases transaction costs and times. In order to solve some of these issues, Ripple has developed xVia, xRapid and xCurrent.
Mr. D’Arcy commented about this:
“Imagine a person in Nigeria wants to send money to someone in Mexico. This process has to carry through a process that has governed banking for over 400 years. With Ripple’s products, there are no restrictions and you don’t even need to hold the destination currency.”
As Bitcoin aims to become a store of value, Ripple aims to create a system to transfer value seamlessly across borders without delays and paying lower fees than with the current platforms. Additionally, D’Arcy talked about the liquidity issues that banks are facing. Using the XRP virtual currency this can be improved without having to worry about higher costs or times.
Nevertheless, he explained that banks will take longer for entering the market than other companies. For him, the space has to be more regulated and clear before big banks start investing in digital assets to tackle specific use cases. He went on suggesting that banks should take the decision to embrace blockchain and Ripple’s technologies.
Ripple has already partnered with more than 150 firms from all over the world that are now connected using the so-called Ripple Network. In the future, with the latest products released by the company, new firms would be able to enjoy the benefits of digital assets.
The regulatory environment around the world is trying to be improved by governments, but it is yet not so clear as many companies and investors would like it to be. Without regulations and clear rules, the largest and most important investors do not place their funds in the space.