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Ripple Has Signed Up A Bank To Use XRP For Payments. So What?

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https://www.forbes.com/sites/francescoppola/2019/01/29/ripple-has-signed-up-a-bank-to-use-xrp-for-payments-so-what/#1b4174511084

Quote

According to press reports, Ripple has finally managed to persuade a bank to adopt its XRP token. Euro Exim Bank, described by Coindesk as “a London-based bank primarily focused on providing financial services for export and import companies,” has signed up to use Ripple’s xRapid service, for which XRP is the native token, for international customer payments. It aims to start using it by the end of the first quarter of 2019. Graham Bright, Euro Exim Bank’s head of compliance and operations, said that problems with the international messaging service SWIFT led to the decision to move to xRapid.

 

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We already know it. It has been discussed. It's a small bank/institution and that's the point. xRapid must build volume and liquidity first and it will be from the small institutions.

My question to the author is: Why would you write such a useless "article"? Why so much butthurt?

Edited by Panosmek

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Your right in being like, ugh, it isn't a bank. We have had this discussion on this forum, and other forums have discussed the issue. It is not  a major bank, nor is it a major player in the international remittance market. That being said, if Xrapid allows Euro Exim to grow rapidly then who cares. I think it will be utilized, if at all, by small companies, shell corporations, and maybe independent people. Everyone including myself is waiting for a major bank to utilize XRP, unless you are an XRP hater then you are waiting for it to fail, and his info is fuel for FUD, Slander, and so on. Forbe's seems to be an XRP hater, but they also use independent journalist, so you can't point just at Forbe's.  I think it was fairly obvious with the collapse of the market and regulation 2018 would and was a year of butchery. Most people don't run into a blood bath to pick up the pieces. So companies stayed away. Regulations are slow (and should be considering the reach that laws effect, to bad taking a long time to look into making a decision by governments doesn't mean that they make a well thought out and implemented law). I am rambling so a final thought, 2019 if it stabilizes, regulations are put into place, and trust is built then we should see acceptance, and with that adoption a positive price movement. 

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For Ripple, Euro Exim Bank’s adoption of xRapid makes little difference. The real game changer would be a major clearing bank such as Citigroup opting to use xRapid.  That would send shock waves across the financial world. But so far, Ripple has wholly failed to convince any clearing bank that xRapid is better for their business than the settlement services provided by central banks. Despite all the hype, Ripple still has an awfully long way to go.

https://www.forbes.com/sites/francescoppola/2019/01/29/ripple-has-signed-up-a-bank-to-use-xrp-for-payments-so-what/#44e19ec51084
 

It's just a matter of time.

Edited by Scout

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3 hours ago, peanut56 said:

Your right in being like, ugh, it isn't a bank. We have had this discussion on this forum, and other forums have discussed the issue. It is not  a major bank, nor is it a major player in the international remittance market. That being said, if Xrapid allows Euro Exim to grow rapidly then who cares. I think it will be utilized, if at all, by small companies, shell corporations, and maybe independent people. Everyone including myself is waiting for a major bank to utilize XRP, unless you are an XRP hater then you are waiting for it to fail, and his info is fuel for FUD, Slander, and so on. Forbe's seems to be an XRP hater, but they also use independent journalist, so you can't point just at Forbe's.  I think it was fairly obvious with the collapse of the market and regulation 2018 would and was a year of butchery. Most people don't run into a blood bath to pick up the pieces. So companies stayed away. Regulations are slow (and should be considering the reach that laws effect, to bad taking a long time to look into making a decision by governments doesn't mean that they make a well thought out and implemented law). I am rambling so a final thought, 2019 if it stabilizes, regulations are put into place, and trust is built then we should see acceptance, and with that adoption a positive price movement. 

"He" is actually a she.  Here's her profile: https://www.forbes.com/sites/francescoppola/#701f6af7177e

Quote

I worked in banking for 17 years and did an MBA at Cass Business School in London, where I specialized in financial risk management. I’m the author of the Coppola Comment finance & economics blog, which is a regular feature on the Financial Times's Alphaville blog and has been quoted in The Economist, the Wall Street Journal, The New York Times and The Guardian.

Anyway, you're right.  She's focusing on one bank, when there are so many out there.  This takes time, but she does have a lot of professional experience in banking. 

Ripple hired Marjan Delatinne who formerly worked at Swift.  In the following link it gives her background and reasons why she was atttracted to Ripple: https://ripple.com/insights/ripple-hires-former-business-director-swift-gpi-marjan-delatinne/

Anyway, I need to research this further to get a better understanding when I have time.  Frances's arguments need counter arguments by people in the know like Marjan and Marcus Treacher that have related experience.

Edited by enrique11

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"So what?" is a pretty opinionated way to end a title on a supposed piece of oldish news.  Wish she had given more context to her rant rather than making it appear that Ripple the company is con-job.  What we don't know is what agenda she has.  Could be in love with Swift who knows.  Maybe she feels she is telling the truth about the con-job company Ripple.  Hard to tell.  Her twitter responses were pretty defensive and could almost be construed as hostile.  

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I hate to say it (and this is by no means an attempt to spread FUD), but I am with the author of the article on this one. Why? Because I do think she addresses some fair points of critique. It doesn't matter whether we've have discussed it a single or a million times. Facts are facts. No-one had ever heard of this bank before Ripple announced the partnership. After some digging, it turns out the bank is not London-based. Its U.K. bank registration was terminated back in 2017. The bank is neither licensed to operate in the Euro Economic Area nor does it have an onshore banking licence anywhere in the world. I could go on, but I do believe my point comes across. 

Out of all the partnerships, why does Ripple decide to highlight this one? Why not wait until a few more  (well known) banks have signed up, and then release a press release. I sincerely hope Ripple proves the author wrong by partnering up with more banks in the coming year. But until then we should remain critical on our own investment and the progress made by Ripple. 

Edited by PactaSuntServanda

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32 minutes ago, invest2lose said:

she's quite adamant on twitter that XRP won't be widely adopted with a very minimal use case.

Is anybody asking her about the SBI consortium who have said that some members will be using it soon?

That consortium covering 80% of Japanese banking?

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