Banks Unlikely to Apply Blockchain, Ripple Says

David Schwartz, chief cryptographer of Ripple, is convinced that banks aren't going to use blockchain for cross-border payments in the nearest future
14 June 2018   1578

According to the chief cryptographer of Ripple, David Schwartz, banks are unlikely to use blockchain technology for cross-border transfers in the foreseeable future. This is reported by CoinTelegraph.

In his opinion, banks are aware of the potential for blockchain, which can reduce costs and reduce the time for the implementation of transactions. However, the level of scalability of technology is still low, which prevents the widespread introduction of blockchain on a global scale.

The representative of Ripple claims that the Interledger protocol and, in particular, the xCurrent solution provide the ability to conduct instant payments. This, in his opinion, gives Ripple significant competitive advantages compared to other payment networks.

At the same time, Schwarz calls the xCurrent solution "unallocated registry". So, in the case of xCurrent, network nodes do not have access to the common registry, which is the basis for block-network networks like Ethereum (ETH).

What we hear from many of our customers is that it’s imperative to keep their transactions private, process thousands every second, and accommodate every type of currency and asset imaginable.
 

David Schwartz

Chief cryptographer, Ripple

According to another representative of Ripple Markus Tremacher, the company presented a project in which banks can carry out "classic" payments on the blockchain. However, the financial institutions were skeptical of the new initiative, citing the fact that "it is not so easy to transfer the whole world to a blockchain".

Ripple to Acquire Algrim

Algrim is an Icelandic cryptotrading company and Ripple is sure that Iceland will become one of the biggest RippleNet development centre
30 September 2019   115

California-based fintech startup Ripple hopes to step up operations in Europe with the acquisition of Icelandic crypto trading firm Algrim.

Ripple representatives emphasized that Algrim will play a key role in developing products that provide on-demand liquidity. These products are intended for cross-border payments and are based on the XRP token, which has long occupied the third line of CoinMarketCap.

The company is confident that Iceland will become one of the most important development centers contributing to the development of the RippleNet. Also, representatives of a California startup promised to attract more technical specialists to the new office.

Information about the transaction amount is not disclosed.