The Ripple sales manager says banks will adopt cryptocurrencies, but small businesses will probably be the first

Ripple believes that virtual currencies will be adopted by banks

Ross D & # 39; Arcy, the Ripple Sales Director, believes that once virtual currencies become regulated, banks they will start using them to solve some of the challenges they are facing right now. During the Impact Fintech Event 2018, D & # 39; Arcy talked about Ripple and how it can improve cross-border transactions in the financial sector.

At the event, he said they are not doing any experiment with the products they are offering. He said they are solving cases of real use all over the world and in the financial sector.

Nowadays, banks have some problems with their connectivity, which increases transaction costs and time. To solve some of these problems, Ripple has developed xVia, xRapid and xCurrent.

Mr. D & Arcy commented on this:

"Imagine that a person in Nigeria wants to send money to someone in Mexico.This process must continue a process that has governed the banking industry for over 400 years.With Ripple's products, there are no restrictions and it is not even necessary to hold the currency of destination. "

Since Bitcoin aims to become a point of reference, Ripple aims to create a system to transfer value seamlessly across borders without delay and paying lower commissions than current platforms. Furthermore, D & C Arcy talked about the liquidity issues that banks are facing. Using XRP virtual currency this can be improved without having to worry about higher costs or time.

However, he explained that banks will take longer to enter the market than other companies. For him, space must be more regulated and clear before large banks begin to invest in digital resources to address specific use cases. He went on to suggest that banks should make the decision to embrace blockchain e Ripple technologies.

Ripple has already collaborated with more than 150 companies around the world that are now connected via the so-called Ripple Network. In the future, with the latest products released by the company, new companies would be able to enjoy the benefits of digital resources.

The regulatory environment around the world is trying to be improved by governments, but it is still unclear how many companies and investors would like it. Without clear regulations and rules, the largest and most important investors do not place their funds in space.