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XRP and Big Banks


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http://observer.com/2016/09/ripple-xrp-standard-chartered/

As more good news comes in from SIBOS and the market recognizes the legitimacy of the ripple network, focus will inevitably turn to the native currency, XRP...............and then look out !!   

"If big banks come to use XRP in that way, that drives more non-speculative demand for XRP, which could keep the gains in place. Maybe."

 

 

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http://observer.com/2016/09/ripple-xrp-standard-chartered/

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We reported earlier this month that the company had raised another $55 million. The money wasn’t as important as the entities it came from, however, including Standard Chartered, one of the biggest companies in Britain, and Siam Capital, a leading bank in Thailand. Not only have these large global partners invested, they have indicated plans to use the technology, which may be the more important part.

 

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On September 15, when the news was announced, XRP went from a total market capitalization (the value of all the world’s XRP) of $211 to a little over $300 million, briefly. It retreated quite a bit while remaining above its prior valuation, but, as of this writing, it has beaten that first day high, at $320 million. In other words, the currency is up 51.6 percent.

This could simply be speculators, but utilization of Ripple’s technology can drive demand for the currency itself. Ripple specializes in the gigantic market for interbank settlement, the high level process where banks sort out how much money they owe each other after millions of daily transactions between customers.

Ripple has strategically built a technology stack that lets banks use whatever kind of ledger they want in house and settle via Ripple, which costs less than legacy systems, as Ripple CEO Chris Larsen explained for the Observer in our prior reporting. It saves much more if banks use its currency to smooth settling, which makes sense. If lots of different banks working in different currencies convert their funds into one cryptocurrency before squaring books with each other, the process should get a lot easier. If big banks come to use XRP in that way, that drives more non-speculative demand for XRP, which could keep the gains in place. Maybe.

Edited by tomxcs
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