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BBVA and Standard Charter


Theone01
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21 minutes ago, Theone01 said:

Settlement between crypto currencies, they are using ETH..... 

The Ethereum based settlement token is their own token they’ve created on Ethereum’s blockchain. BBVA customers will be able to buy this token which will allow them to buy and trade on the partnered exchanges and OTC desks.

So you will see.... 5 exchanges and OTC desks with......

BBVA-USD /BTC

BBVA-USD /ETH

BBVA-USD /XRP

BBVA-USD /LTC

etc, etc

This is a custody and trading walled garden. Keep customers and attract new ones.

Big Banks will be offering a lot more services like these in the future. As the move towards CBDC’s cuts out a lot of the middlemen in correspondent banking and cheaper fees for payments reduce profits, these banks need to make the most of the customer base now and bring about new product offerings to keep those customers and to negate any losses.

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11 minutes ago, Flintstone said:

The Ethereum based settlement token is their own token they’ve created on Ethereum’s blockchain. BBVA customers will be able to buy this token which will allow them to buy and trade on the partnered exchanges and OTC desks.

So you will see.... 5 exchanges and OTC desks with......

BBVA-USD /BTC

BBVA-USD /ETH

BBVA-USD /XRP

BBVA-USD /LTC

etc, etc

This is a custody and trading walled garden. Keep customers and attract new ones.

Big Banks will be offering a lot more services like these in the future. As the move towards CBDC’s cuts out a lot of the middlemen in correspondent banking and cheaper fees for payments reduce profits, these banks need to make the most of the customer base now and bring about new product offerings to keep those customers and to negate any losses.

I think SBI bought a big stake in BBVA and it is part of their plan for growing deep liquidity in XRP.  Crypto Eri has mentioned them several times.

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5 minutes ago, Theone01 said:

Why not do it on the XRP ledger as issue IOUs?

 

Because at the moment, Ethereum is most suited for this task and has proved successful for others. They’ve been working on this project for a couple of years, so Ethereum would have been the only solution back then.

There are other options now like Stellar - which USDC is using and there will be better options in the future.

For now though, it’s first mover advantage and keeping hold of that customer base.

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2 minutes ago, Theone01 said:

Could always issue IOUS on the XRP ledger. They have also been involved with Ripple for the past 5 or 6 years. 

I can only assume that the toolset available on Ethereum is much more applicable to the task at hand. I think Ripple have concentrated more on the payments side of things where they have an edge, rather than compete with a blockchain focused on providing a platform for tokens.

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3 hours ago, Flintstone said:

I can only assume that the toolset available on Ethereum is much more applicable to the task at hand. I think Ripple have concentrated more on the payments side of things where they have an edge, rather than compete with a blockchain focused on providing a platform for tokens.

I'd say issue the CBDC IOUs on XRPL, then use Flare to develop new, or port over ETH smart contract logic already coded.

A non-programmable CBDC is just about as useless as this $20 bill I put in my CD tray and tried to email to a friend. That's a bit of a stretch, bc there are monetary infrastructure improvements and new monetary policy options that would be enabled with an XRPL IOU based CBDC. Programmability must be a critical component IMHO. Flare network brings that to IOUs & XRP.

I'm looking at some of this for FF, and it gets complicated quick when considering the Routing/Pathfinding between Digital Assets on different networks, with different capabilities, and block times.

Edited by KarmaCoverage
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