Ripple's Ready to Invest in Startups, That Use XRP

This is said by the CEO of Ripple at Money2020 in Singapore
13 March 2018   124

Ripple is planning to invest in projects, the organizers of which would like to use the XRP cryptocurrency in their products. This is reported by TechCrunch with reference to the statement of CEO Ripple Bred Garlinghouse.

According to him, Ripple continues to concentrate its efforts on the development of products for the banking industry, but this does not prevent it in passing to seek alternative uses for its crypto currency.

We, Ripple, will stay focused on solving that institutional use case, but we would certainly partner with companies that are looking to use XRP in lots of different ways.

Bred Garlinghouse

CEO, Ripple

As he said, the American start-up Omni perfectly fits into this plan. In January, Ripple and two of its executives invested $ 25 million in Omni, when the startup agreed to use XRP in its products.

The small popularity of XRP as a payment instrument with Ripple's close interaction with the traditional financial system has long been a source of discontent for critics. The assumption that payment services are in no hurry to integrate XRP because of the volatility of the crypto currency, Garlinghouse called "fake news".

He drew attention to the fact that the translation using XRP takes a few seconds - the probability of a sharp jump in the rate during this time is minimal. Nevertheless, the question of why banks use Ripple blockchain, but do not use XRP, remains open. Garlinghouse is confident that eventually everything will be set in order.

Blockchain roundtable organized in Japan

Japan`s regulator, Financial Services Agency (FSA) has opened some details of the closed-doors roundtable
21 March 2018   108

This meeting was arranged for regulators and central banks from many countries and it was connected with a wide multilateral joint research project on blockchain technology. The private conference was held on March 8 and 9, then FSA confirmed its report on Monday.

The financial regulators and central banks from a number of countries met Japanese and foreign academic institutions at the FSA-hosted roundtable. The representatives of the central banks of Singapore, Canada and Japan faced the financial regulators from the UK, France, Abu Dhabi, Hong Kong and the Australian security regulator. They discussed their points of view on the possibilities and disadvantages of the public (open) blockchain technology.

The FSA declared that the roundtable should definitely reveal the blockchain`s peculiar risks and opportunities. Also this financial regulator constantly researches possible weak spots of the public blockchain technology, relevant questions of its security and technical perspectives.

The list of subjects which were discussed at the roundtable includes the “Blockchain innovation and responsible user protection”, “Potential of blockchain”, “Blockchain tests and use cases - jurisdictional Proof of Concept” among others.

The FSA added that despite many details of the closed-door discussion stay under wraps, some common positions and challenges may be shared with the public while agreed upon by all the participants.

The banking market in Japan is aimed to be the largest consumer-end implementation of blockchain tech through a consumer payments application powered by Ripple. Therefore the largest central banks in the world were told cryptocurrencies “do not pose risks to global financial stability” during the ongoing G20 summit in Argentina by the international Financial Stability Board.