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Ripple CEO Brad Garlinghouse expects banks to hold cryptographic assets on behalf of their clients next year.
At the Singapore FinTech Festival 2018, Garlinghouse said that regulatory clarity and money-making opportunities will drive banks and financial institutions to store digital assets such as XRPs for their customers.
"I think one of the things that will surprise us for a year is that the banks will guard digital resources directly.
And I think that right now, we think about it and we think that there's no way it will happen – they're too conservative. And I think what you're seeing is happening two things. One is, banks are seeing that a lot of money is being made from digital goods exchanges globally, and banks are motivated by profit.
The second, and we talked about it and Ross clarified very clearly, is the regulatory clarity and regulatory frameworks that allow banks and financial institutions to look into these markets. "
According to Garlinghouse, the first banks that will offer encryption will be members of the Association of Southeast Asian Nations (ASEAN).
"I also predict that the banks will be in the markets of ASEAN, where there is this regulatory clarity and there is a lot of progressiveness, foresight.They will be the first to actually allow the conservation of the assets encrypted in their accounts" .
The ASEAN is an economic alliance between Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam. It was created in 1967 to focus on strengthening economic growth and social progress in the region.
Image via Jason Baker / Flickr
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