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RikkiTikki

The First Bank Using XRP Says Ripple Partnership Will Create a ‘New Era’ of Innovative Payment Solutions

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Crawl-->Walk-->Run.  If you look at the dynamics of what's going on this is just the type of small bank Ripple needs to start using XRP, the trickle out then up effect.  If this takes off here this small bank will become two small banks etc then the small becomes medium and next the mediums become big!!!

https://dailyhodl.com/2019/01/15/the-first-bank-using-xrp-says-ripple-partnership-will-create-a-new-era-of-innovative-payment-solutions/

Edited by RikkiTikki

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They aren't really a bank in England, they a remittance service because they lost the banking authorization in the UK almost 2 years ago. They, however, are a bank in St. Lucia.

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On 1/16/2019 at 8:45 AM, Archbob said:

They aren't really a bank in England, they a remittance service because they lost the banking authorization in the UK almost 2 years ago. They, however, are a bank in St. Lucia.

True, but they are a UK based company and as such are offering bank accounts, both individual and business, among other services. They do have a FCA UK licence for remittance services, they do not have one (the one they had expired in Feb 2017) for banking services. I've inquired with the FCA for more clarity on whether they actually can operate as a bank while being UK based and having a St.Lucia banking licence but not a UK one. I'll post the response on the forum as soon as I get it.

And as promised here it is - https://www.xrpchat.com/topic/29893-opening-bank-account-with-euro-exim-bank/?do=findComment&comment=656750

Edited by Guest
link to the reply from FCA

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23 minutes ago, Archbob said:

I thought they were based in St. Lucia with a represenative Branch in the UK?

If this is their structure and it is all legit then that's perfectly fine.

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Consider this: We have no clarity in the U.S. nor in many others parts of the world such as India on how to classify, regulate or even use xrp. Is it a currency, a commodity, a security . . . there's no clarity yet. So, should we really be surprised that the first bank to use xrp is a bank that is an 'out of the box' type of bank. Do we really want to be held hostage forever by the big banks, who frankly are going to have to be dragged, slowly into the space? I see this small, nimble bank as an asset to the xrp cause. They will have the ability to implement the technology quickly and to shift quickly with developing regulatory clarity. Like many I was initially a little frustrated with the discovery of their size, etc, but as has been the case all along with being invested in a groundbreaking technology the path to success is sometimes through the back door. 

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