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- The San Francisco-based blockchain consortium ripple XRP token is considered by many to be the best established cryptocurrency for banking institutions.
- Especially when it comes to cross-border omission services, the token seems to excel.
The XRP token from the San Francisco-based blockchain consortium Ripple is considered by many to be the best established cryptocurrency for banking institutions. Especially when it comes to cross-border omission services, the token seems to excel.
Despite this, banks and many financial institutions around the world have been skeptical of the token’s adoption and, as a result, it hasn’t worked well over the course of 2020.
By this year, early investors in the asset expected to see massive adoption and, as a result, the token’s value would skyrocket, but unfortunately it didn’t come to light.
New institutional investors who are increasingly engaging in the industry also seem to overlook the token and the fact that so many banks are unwilling to integrate the asset into the system as a bridging service speaks volumes.
The company’s technical director, David Schwartz, said the disappointing adoption rate was due to a number of different obstacles. He highlighted this with the Ripple community indicating a low performance forecast for the token over the next year, as well as this one.
“I think there is a combination of obstacles. Regulatory uncertainty, last-mile problems, fear of reprisals from existing partners “.
Furthermore, the chief technical officer went on to say that the best customers for Ripple are still waiting for financial institutions to bring customers in remittance, which also has an impact on the adoption rate.
“Another important aspect is that the best customers are the ones who will use bridge resources to create new products. They are highly motivated to see projects through to completion and will push the benefits all the way to customers. “
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