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#2 - POT: The Cryptocurrency Podcast Smart Contract Audit, XRP and the Banking System with Robert Doyle
Ripple's XRP has been making some serious waves ever since the historical win against the SEC lawsuit. The token has gained more than 70% since and trust in Ripple’s vision is soaring.
Ripple has the potential to become the de-facto transaction method for international transfers by Global Banks. There is a lot to unpack here, as Ripple has been silently striking partnerships with some of the biggest banks out there and can become one of the leading financial instruments that the Global Financial system may integrate within their systems.
Ripplenet Adoption
RippleNet is a distributed worldwide network, made up of banks and payment service providers, that utilizes Ripple’s innovative decentralized financial technology. This tech facilitates instant communication, clarification, and reconciliation of financial dealings. Ripple establishes connections between banks, corporates, digital asset exchanges, and payment providers through RippleNet, offering a seamless global money transfer experience.
Ripple’s partnerships with Bank of America, PNC Bank and Santander are a testament to Ripple’s continued effort to consolidate and create a financial instrument that can bring global economies together.
With the increasing adoption and transaction volume, Ripple’s market cap could inflate significantly. Banks may find holding XRP attractive as it streamlines transactions, making them faster and cheaper. If banks can increase their profit margin while improving customer satisfaction, we could see XRP reserves be used for faster transaction settlements. This scenario could fuel the demand for XRP, pumping its value and, consequently, Ripple’s market cap.
XRP and The Basel 4 Reform
The imminent transition from Basel 3 to Basel 4, which has started in January 2023 and is expected to complete within 5 year, means that new regulatory standards shape how banks calculate risk, affecting their asset allocation. If XRP was to be classified as a Tier 1 asset, banks would be allowed to hold XRP to resolve transactions quickly and cheaply.
This flexibility could be the push banks need to fully embrace XRP and other digital currencies, driving their adoption in mainstream finance.
XRP Adoption in Japan
Banks are always looking for ways to maximize their profits, and XRP might just be the winning ticket. Ripple’s technology can cut transaction costs by 60 to 80 percent on international transfers. The potential savings for banks are massive, freeing up resources that can be used to improve other services.
Several Japanese Banks have already adopted the Ripple-based payment system MoneyTap, and it continues to grow in popularity. The integration of MoneyTap allows regional banks in Japan to provide a service for peer-to-peer funds transfer to their customers via a mobile app. Apart from using bank account numbers, the service also supports online money transfers using mobile phone numbers. The app is equipped with online identity confirmation and biometric identification features to guarantee high-level security for customers from Yamaguchi, Momiji, and Kitakyushu.
More about Ripple and the Global Financial system in this podcast, thanks to Robert Doyle.
Robert's YT Channel
Robert's Discord
This podcast is fueled by Aesir, an Algorithmic cryptocurrency Trading Platform that I helped develop over the last 2 years that offers a unique set of features.
Aesir Website
Aesir Discord
View all episodes
By Andrei BadoiuRipple's XRP has been making some serious waves ever since the historical win against the SEC lawsuit. The token has gained more than 70% since and trust in Ripple’s vision is soaring.
Ripple has the potential to become the de-facto transaction method for international transfers by Global Banks. There is a lot to unpack here, as Ripple has been silently striking partnerships with some of the biggest banks out there and can become one of the leading financial instruments that the Global Financial system may integrate within their systems.
Ripplenet Adoption
RippleNet is a distributed worldwide network, made up of banks and payment service providers, that utilizes Ripple’s innovative decentralized financial technology. This tech facilitates instant communication, clarification, and reconciliation of financial dealings. Ripple establishes connections between banks, corporates, digital asset exchanges, and payment providers through RippleNet, offering a seamless global money transfer experience.
Ripple’s partnerships with Bank of America, PNC Bank and Santander are a testament to Ripple’s continued effort to consolidate and create a financial instrument that can bring global economies together.
With the increasing adoption and transaction volume, Ripple’s market cap could inflate significantly. Banks may find holding XRP attractive as it streamlines transactions, making them faster and cheaper. If banks can increase their profit margin while improving customer satisfaction, we could see XRP reserves be used for faster transaction settlements. This scenario could fuel the demand for XRP, pumping its value and, consequently, Ripple’s market cap.
XRP and The Basel 4 Reform
The imminent transition from Basel 3 to Basel 4, which has started in January 2023 and is expected to complete within 5 year, means that new regulatory standards shape how banks calculate risk, affecting their asset allocation. If XRP was to be classified as a Tier 1 asset, banks would be allowed to hold XRP to resolve transactions quickly and cheaply.
This flexibility could be the push banks need to fully embrace XRP and other digital currencies, driving their adoption in mainstream finance.
XRP Adoption in Japan
Banks are always looking for ways to maximize their profits, and XRP might just be the winning ticket. Ripple’s technology can cut transaction costs by 60 to 80 percent on international transfers. The potential savings for banks are massive, freeing up resources that can be used to improve other services.
Several Japanese Banks have already adopted the Ripple-based payment system MoneyTap, and it continues to grow in popularity. The integration of MoneyTap allows regional banks in Japan to provide a service for peer-to-peer funds transfer to their customers via a mobile app. Apart from using bank account numbers, the service also supports online money transfers using mobile phone numbers. The app is equipped with online identity confirmation and biometric identification features to guarantee high-level security for customers from Yamaguchi, Momiji, and Kitakyushu.
More about Ripple and the Global Financial system in this podcast, thanks to Robert Doyle.
Robert's YT Channel
Robert's Discord
This podcast is fueled by Aesir, an Algorithmic cryptocurrency Trading Platform that I helped develop over the last 2 years that offers a unique set of features.
Aesir Website
Aesir Discord