This is, of course, no certainty, but we need positive thoughts during bear markets. According to a Ripple executive, Ross D’Arcy, banks will, in due time, adopt cryptocurrencies. D’Arcy made the remarks during the Impact Fintech 2018 in Poland.
Ross D’Arcy, the Sales Director at Ripple, spoke about Ripple’s upcoming developments and the problems that Ripple, as an organization, is trying to solve. According to D’Arcy, it is Ripple’s aim to make cross-border transactions simple and effective.
Ross D’Arcy said:
“We are not doing any POC’s or science experiments but rather solving real use cases. Imagine a person in Nigeria wants to send money to someone in Mexico. This process has to carry through a process that has governed banking for over 400 years. With Ripple’s products, there are no restrictions and you don’t even need to hold the destination currency.“
D’Arcy gave the above example and used it to show why Ripple aims to solve the connectivity issues with banks offering products like xVia, xRapid and xCurrent. D’Arcy added that according to him, payment networks of today cannot be trusted.
Last but certainly not least, D’Arcy made a bold statement about cryptocurrencies and the future of the digital assets. According to D’Arcy, digital assets will solve the liquidity problems banks are currently struggling with. Something, Ripple has already proved with xRapid and XRP. Banks using digital assets would free up a lot of capital.
“Once cryptocurrency is slightly more regulated and a calm approach is taken then banks will realize that digital assets can be used to tackle specific use cases and reap benefits from it. I suggest that banks should embrace the technology.”