Then follow us on Google News!
It is no surprise some banks will continue to oppose Bitcoin. This is all happening during a time at which banks are embracing blockchain technology en masse. Ex Federal Reserve head Ben Bernanke is a big fan of DLT and RIpple, by the look of things. In fact, he openly praised the third-largest digital asset by market cap during a recent event.
Everyone is well aware of how Ripple isn’t like Bitcoin. The two concepts could not be further apart even if they actually tried. Bitcoin is a cryptocurrency, whereas RIpple focuses on blockchain technology. Moreover, they have dozens of partnerships with banks and financial institutions around the world This also makes them an excellent blockchain service provider in this regard. With so many banks looking to venture into the blockchain world, they need partners with expertise and bright ideas.
Ripple is on the Minds of a lot of Banks
During a recent event, Bernanke wasn’t too kind when it comes to Bitcoin. He slammed the world’s biggest cryptocurrency and called it a “venture without future success”. Speculation is still a very real part of the game, especially when it comes to Bitcoin. Then again, the same can be said for XRP, as the market is severely manipulated by cryptocurrency exchanges right now. It is evident there will always be different opinions when it comes to these topics.
At the same time, Bernanke voiced some positive remarks related to blockchain and Ripple. He sees the benefits of optimizing and speeding up payment processing as a whole. He even went as far as stating how several banks favor this technology right now. It is unclear if that means Ripple’s technology or just DLT in general, though. The two concepts are not entirely one and the same yet share a very close relationship in every possible way. Ripple’s Consensus Ledger is a working project ready to be integrated, though.
The main selling point for Ripple is how it isn’t designed to create an alternative financial system Instead, it focuses on cooperation with regulators and financial institutions. This means positive things will come to XRP as well in the future. While banks are not required to use the asset, it will be greatly beneficial to do so. All of this seems to hint at how there is a positive future for digital assets and cryptocurrencies.
Header image courtesy of Shutterstock