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baobeiiiii

Will banks actually use XRP instead of other token?

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Posted (edited)

I have family members interested in investing in XRP and this Q they have asked me. I know this topic has doubtless come up many times before, but it would be nice if anyone who has time could just replay with their reasons as to why banks would, or would not, use XRP with the ripple family of products. Many thanks!

From the top of my head there would be a discount for banks using XRP as the token, but I can't find the snazzy looking advertisement anywhere.

Edited by baobeiiiii

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I had a friend who asked a similar question, if the big banks don't use XRP, then what will happen? My opinion was that the smaller banks that do use XRP will become the "big" banks due to the leakage of customers to their faster, more nimble competitors.

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11 hours ago, AlvaroXRP said:

Even though it has become a meme in the community, as far as we know banks won't use xrp. I would like Brad to say again his prediction. 

It can't be used effectively at this point in time as there are only 2 or 3 available corridors, and there is no gain to be had over efficient corridors such as US to Euro.

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Banks and companies will use the tech, but will XRP and the Ripplenet take off like wildfire in the next few years? I’m not sure. No one can be.

But they have the most mature tech in this area of blockchain payments area right now IMHO.  They have also been building out relationships and partnerships with regulators, banks, and FI on a global scale unlike any other project. Those steps are crucial to adoption of XRP and/or usage of their payments network.

Its going to take time. Brad himself said about 1.5 years ago this was the start of a 3-5 year marathon and not a sprint. I believed him and I think the news and progress that has come out since those comments proves that’s a fairly realistic timeline for basic adoption of the technology.

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10 hours ago, Freaky said:

It can't be used effectively at this point in time as there are only 2 or 3 available corridors, and there is no gain to be had over efficient corridors such as US to Euro.

No gains in terms of time, money or both?

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4 hours ago, Zedy44 said:

Banks and companies will use the tech, but will XRP and the Ripplenet take off like wildfire in the next few years? I’m not sure. No one can be.

But they have the most mature tech in this area of blockchain payments area right now IMHO.  They have also been building out relationships and partnerships with regulators, banks, and FI on a global scale unlike any other project. Those steps are crucial to adoption of XRP and/or usage of their payments network.

Its going to take time. Brad himself said about 1.5 years ago this was the start of a 3-5 year marathon and not a sprint. I believed him and I think the news and progress that has come out since those comments proves that’s a fairly realistic timeline for basic adoption of the technology

Brad has said that and that a major would be using xrp in 2018 and dozens in 2019. First goal was already missed. Should we believe the other ones are still achievable? He should clarify. 

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I don’t really see much incentive for large banks to use any ripple products right now. A much better argument can be made for smaller banks  

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2 hours ago, AlvaroXRP said:

Brad has said that and that a major would be using xrp in 2018 and dozens in 2019. First goal was already missed. Should we believe the other ones are still achievable? He should clarify. 

I think if you’re going to take the CEO’s exact word on an emerging disruptive technology targeting one of the most established markets you’re in for a rude awakening. Look at the things Elon Musk says regarding Tesla’s progress and how little of what he claims actually occurs by certain deadlines yet they are clearly disrupting the entire auto industry even if they aren’t succeeding in the moment.

Brads in the same camp IMHO, but the disruption isn’t so obvious yet to the broader market. People talk about it, but no one is really listening yet. You have to dream big to make change happen and I can’t fault Brad for having the optimism to say the things that he has over the last 18 months. There’s also significant regulatory overhead that I think has caused many of the would-be customers to delay their jump into digital assets as a utility.

I’ve been saying for months look to 2019 EOY for a major statement from the SEC / FTC before adoption really begins. Once there is semblance of regulatory clarity in the US the dominoes will start to fall.

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I have a friend who is pretty established at a major US bank. He says no one there ever talks about XRP. He doesn’t see it getting used. 

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49 minutes ago, ringer2 said:

I have a friend who is pretty established at a major US bank. He says no one there ever talks about XRP. He doesn’t see it getting used. 

Is he in the development of cross border payments department?  Most banks install API's provided by software giants like R3 and Temenos that will be using XRapid under the bonnet, they will see the interface and choose the simplest cheapest option which will be XRapid where an XRapid corridor is open.  So they will hardly be aware of what is going on under the bonnet.

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Posted (edited)
4 hours ago, BeSeriousXRP said:

2017: "Banks are coming"

2018: "Banks are coming"

2019: "Banks are coming"

2020: "Mabye not" 

🤣

They signed up every bank on the planet but can't announce it.... NDA's...:JC_doubleup:

Edited by Freaky

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3 hours ago, Freaky said:

They signed up every bank on the planet but can't announce it.... NDA's...:JC_doubleup:

You could be right, they might have signed every bank. I was at my bank today and was wearing my XRP sweat shirt , I ask if they had heard of Ripple/ XRP,  they said they could neither confirm or deny that information. Damn those NDA's

 

 

My bank today 

open knowledge footage GIF

 deposit of course,  not a withdrawal  

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