The official Blockchain technology Chief Ripple says that Crypto needs banks to reach mass adoption

The cryptocurrency industry has many different companies and individuals trying to expand the reach of the cryptocurrency world. Ripple It is one of these companies. According to David Schwartz, CTO of Ripple, banks are where the value is currently and the company needs to link it to get mass adoption. He said it on Twitter on 3 January.

Banks are where value is today. We need links to the point where today's value is if we have a mass adoption. The Internet has obtained most of its initial growth from the military and existing central information services for the same reason.

– David Schwartz (@JoelKatz) January 3, 2019

In a recent discussion on Twitter, David Schwartz and other users discussed how cryptocurrencies should be related to banks. Kane Em users have pointed out Ripple is creating a service for banks and that the XRP token will be adopted by large financial institutions. By the way, he said that cryptocurrencies were born as an idea to get away from traditional financial institutions.

Kane Em's comments are linked to a thread initiated by Brian Armstrong, CEO and co-founder of Coinbase, for the tenth anniversary of Bitcoin. Several users asked for the popular cryptographic exchange to list XRP, one of the largest virtual currencies in space.

David Schwartz replied that it is necessary to work with banks to connect both worlds. He connected this decision to work with banks with Internet services that have spread and got the most out of existing centralized information services.

Schwartz has also been criticized. One of the things that users told him was that banks could simply use their currency to process their transactions. But the Ripple CTO said that not even the banks want to use a token controlled by the banks.

Not even the banks want a token controlled by the banks.

– David Schwartz (@JoelKatz) January 4, 2019

Schwartz explains that these institutions do not want to have to rely on systems controlled by the competition, as they have never done so. The solutions developed by Ripple would allow banks to use a system to which no one has administrative access, improving the financial industry as a whole.

Ripple is trying to connect banks and other financial institutions using RippleNet and other networks and services provided by the company. By using XRP digital resources, these companies can reduce costs and process faster transactions, allowing them to offer better services to users at a lower price.