Polysign has Awaken

[RipMcGillicuddy]

I am so intrigued by their every move. 

https://twitter.com/PolySignInc/status/1389634304527933442

Edit: Farts, it didn't embed the tweet. 

Edited May 4, 2021 by RipMcGillicuddy
Double Farts

[peanut56]

53 minutes ago, RipMcGillicuddy said:

Edit: Farts, it didn't embed the tweet. 

Farts are always funny, thank you for editing. 

I keep forgetting about polysign and then every now and then they pop up again. Glad to know they have a banking license that could allow banks to hold custody of crypto through polysign. Making a long reach here polysign could be given third party custody of escrow or something throw spaghetti at the wall, even though the validator network "not owned by ripple" actually controls the xrp. 

[RipMcGillicuddy]

1 minute ago, peanut56 said:

Farts are always funny, thank you for editing. 

I keep forgetting about polysign and then every now and then they pop up again. Glad to know they have a banking license that could allow banks to hold custody of crypto through polysign. Making a long reach here polysign could be given third party custody of escrow or something throw spaghetti at the wall, even though the validator network "not owned by ripple" actually controls the xrp. 

I'm just like, "who is this Britto cat and what does he know?" 

I know he's just a quiet genius who made the wise decision to stay out of the spotlight, but man, in today's society there couldn't be anything more captivating and mysterious. 

I legitimately do not have a clue what their roadmap is, but I think it's probably a unique one. 

[VanGogh]

Incredibly excited by this. Surely one thing leads to another! What's next? 

"Thrilled to announce that our subsidiary

@StandardCustody

, has received its charter to operate under New York State Banking Law as a regulated qualified custodian for financial institutions!"

[VanGogh]

https://www.businesswire.com/news/home/20210504005468/en/Standard-Custody-Trust-Company-Receives-Bank-Charter-Status-From-New-York-State-Department-of-Financial-Services

[RipMcGillicuddy]

18 minutes ago, VanGogh said:

Incredibly excited by this. Surely one thing leads to another! What's next? 

Same. David Schwartz was visibly giddy with excitement over the project too in that one interview where he had to keep a lid on things for NDA reasons. I understand the tech probably excites him more than anything - like literally the minute technical details that most of us wouldn't understand. But that means proprietary and possibly some sort of breakthrough or first mover advantage to set them apart. 

 

[peanut56]

Polysign is that thing that seems to be huge, but there is so little information about it. On its web page is literally two pages long then a get in touch button. Where it asks for you're name, company, ect.  

[brianwalden]

@MickeyBFresh quoted Bob Way in his video about it: 

XRPChat: The Chatting Standard

 

[ADingoAteMyXRP]

The lede is buried a bit in the business wire article, but the big thing we learned is that PolySign has not just built digital asset custody (and world-class encryption and access provisioning to boot), but they have also built what sounds an awful lot like a P2P trade solution.

Companies (or governments?) using PolySign will be able to trade or sell their digital assets to one another, settling directly via the custody solution’s built-in escrowing capability without having to go through an intermediary, OTC desk or exchange.

But why would anyone want to do that? Aside from the ease of use angle, it bypasses middlemen and maintains high security standards.

It also enables an ODL path that is absolutely mind blowing.

Imagine if companies holding digital assets via Polysign could elect to participate in ODL as liquidity providers, by providing OTC style large block liquidity for high value transactions. This type of ODL path would bypass exchanges entirely, since it would effectively be facilitated by two P2P/OTC trades settled over Polysign.

The scenario:

Bank A wants to send $47M in value to Bank B... way too much for a standard ODL transaction at this point in time. But what if a liquidity provider in country A (LP1) has a PolySign account where they hold a large block of XRP. They sell XRP to Bank A, and that XRP is immediately dropped over Polysign escrow to a Liquidity provider in the Philippines (LP2) that also has a Polysign account. LP2 makes the final local payment to Bank B in PHP... and ALL of this happens atomically in about 60 seconds.

I don’t know if this is the plan, but I have a strong suspicion it is. Because this more or less solves the biggest problem in ODL today, which is low liquidity and slippage. OTC desks are designed specifically to reduce slippage costs... so why not use that same approach with ODL?

Why not? Because institutional custody solutions were not yet watertight enough to enable that kind of multiparty flow without risk. To dip their toe in that water, it was necessary to build something new, soup to nuts, to allow custody and automated trade in a way no major DA custodian had done before.

If this is really what they’re doing, it’s game over for SWIFT.

[Seoulite]

1 hour ago, ADingoAteMyXRP said:

If this is really what they’re doing, it’s game over for SWIFT.

Thanks for your post. Do you think this could be the reason why they are flying so low under the radar? Because they think they are building something truly groundbreaking and want to keep a head start? 

[RipMcGillicuddy]

5 hours ago, Seoulite said:

Thanks for your post. Do you think this could be the reason why they are flying so low under the radar? Because they think they are building something truly groundbreaking and want to keep a head start? 

Man, it seems easy to connect those dots considering what Ripple has been after for years now. Granted I've got some Ripple tinted glasses on, but this is my favorite storyline in the space. Kind of edge of the seat waiting for the next move. 

[RipMcGillicuddy]

A day after the Polysign beast gets a headline on Business Wire, NYDIG pumps this out to CNBC. Seems like competition which is good and all. But I assume this is along the lines of what Polysign and Standard Custody are doing?

https://www.cnbc.com/2021/05/05/bitcoin-is-coming-to-hundreds-of-us-banks-says-crypto-firm-nydig-.html

[VanGogh]

1 hour ago, RipMcGillicuddy said:

A day after the Polysign beast gets a headline on Business Wire, NYDIG pumps this out to CNBC. Seems like competition which is good and all. But I assume this is along the lines of what Polysign and Standard Custody are doing?

https://www.cnbc.com/2021/05/05/bitcoin-is-coming-to-hundreds-of-us-banks-says-crypto-firm-nydig-.html

Seems like good news to me. The banks will be enabling the last leg of crypto adopters; that is, those who are not comfortable setting up accounts on exchanges. Even if they use Bitcoin instead of XRP, it's only a matter of time before Bitcoin has to somehow change to consensus or the banks switch to XRP or use XRP and the ledger to make the transactions. Banks want those transaction fees, and they see the movement of money shifting before their eyes. They are the Blockbusters of today if they stand and do nothing to accommodate the shift.   

[RipMcGillicuddy]

22 minutes ago, VanGogh said:

Seems like good news to me. The banks will be enabling the last leg of crypto adopters; that is, those who are not comfortable setting up accounts on exchanges. Even if they use Bitcoin instead of XRP, it's only a matter of time before Bitcoin has to somehow change to consensus or the banks switch to XRP or use XRP and the ledger to make the transactions. Banks want those transaction fees, and they see the movement of money shifting before their eyes. They are the Blockbusters of today if they stand and do nothing to accommodate the shift.   

Do you get the sense that banks will have to source all the trading through established crypto players like conbase, binance, grayscale, etc.? Or is Polysign possibly creating a solution to bypass those in a way that looks more attractive to the banks? 

[ADingoAteMyXRP]

7 hours ago, Seoulite said:

Thanks for your post. Do you think this could be the reason why they are flying so low under the radar? Because they think they are building something truly groundbreaking and want to keep a head start? 

I think it may be one of the reasons they’re staying low profile. Or they may be working with governments on pilots for CBDC custody and would need to keep quiet about that.