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Ripple CEO, Brad Garlinghouse say the audience at the Singapore Tech Festival that 2019 will probably be the year in which banks and other financial institutions will begin to provide custody for digital resources. He declared two significant factors that will push banks towards the crypto industry: desire for profit and regulatory certainty.
Although these institutions are acting "conservative", Brad predicts that the fact that cryptographic exchanges are making a lot of money globally means that at some point or the other, these banks will want to tap into the profits made.
On the second factor, the CEO states that banks will also rely on regulatory clarity and regulatory frameworks that allow them to participate in emerging markets. Since the fiat banking and trading system is still popular with many people, banks have the ability to make money by offering crypto-custody services.
Never in a million years I imagined to see him one day:
* The whole point of Bitcoin is to be free from centralized banks.
* Holding Bitcoin = no fractional reserve / magic card of gold
* Centralized currencies like $ XRP have the same rights as fiat – that is to say NONE. pic.twitter.com/GvsWtogR4y– boxmining (@boxmining) 3 December 2018
However, it is pertinent to note that custody for cryptocurrencies will go against the basic principle of the invention. Bitcoin was built to exist without fractional reserves, so it could be a heritage focused on the institution as an XRP that corresponds to the description of custody services rendered by banks. First of all, Ripple already has many banking customers and is developing cross-border payment solutions.
ASEAN markets will launch first
While banks in different world jurisdictions will choose to launch crypto-custody services at different stages, Brad predicts that ASEAN markets will drive the initiative because of some advantages they have over others.
He acknowledged that ASEAN markets have "regulatory clarity and a lot of progressivity, foresight". "They will be the first to actually allow the encryption of assets in their accounts," Brad predicted.
The countries that form the alliance of the ASEAN market include Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam.
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