Ripple’s Success for XRP Depends Upon Having Close Ties and Relationships With Central Banks
Ripple, one of the most important blockchain networks in the market, should be in constant contact with central banks around the world. There are several experts that believe that it is necessary for the network to keep expanding and provide the world with innovative solutions.
Dilip Dao Introduces Ripple To Central Banks
Ripple’s Global Head of Infrastructure Innovation Dilip Dao has been working in order to expand Ripple’s reach across central banks around the world. Dilip will be in Austria discussing blockchain technology and their adoption by central banks and companies.
The World Bank Fintech Conference on may 22 and 23 will gather industry leaders and other fintech teams, including financial institutions. Some of these firms may be ready to adopt Ripple’s distributed ledger technology (DLT) and the services that it offers.
According to an XRP supporter called Bank XRP, Ripple is engaging with central banks because they are regulators of their financial ecosystem and operate the payment system in their own country. This is why they can be the catalyst for innovation.
Why is #Ripple engaging with central banks around the world.
Central banks are both regulators of their financial eco system. But they also operate the payment system in their own country. They can be catalyst for innovation
Get central banks feet wet in DLT Crypto pic.twitter.com/gWcQcyAduA
— 𝗕𝗮𝗻𝗸 𝑿𝑹𝑷 (@BankXRP) May 6, 2019
There are several financial institutions that are already working with Ripple and embracing the services that the company provides to the market. The company has partnered with the Saudi Arabian Monetary Authority (SAMA) and the central bank will be promoting blockchain technology in the Middle East.
Ripple’s services and products allow financial institutions to improve their systems and allow them to reduce costs and transaction times. This is why there are several firms already working with Ripple. Moreover, using XRP, companies can reduce costs and transactions times even further. The xRapid product leverages the XRP digital asset to offer liquidity on-demand to institutions and interested companies.