Ben Armstrong discusses the possibility that US banks may use Ripple’s XRP cryptocurrency.
U.S. banks may employ XRP, according to recent comments made by Ripple CEO Brad Garlinghouse. Ben Armstrong, a well-known figure in the blockchain industry, recently made the bold claim in a video that the adoption of XRP by US institutions will determine “the key to XRP’s success.”
Since the SEC sued the platform in 2020, Ripple has been going through a rocky patch for almost two years. According to the authorities, Ripple and its staff were responsible for facilitating an ongoing $1.3 billion offering of digital asset securities.
Despite Ripple’s best efforts, the legal battles it faced prevented the widespread acceptance of XRP and its planned worldwide development. Nevertheless, XRP was designated as the only token having “legal clarity” in 2023 by Judge Analisa Torres’ historic decision that categorized it as a non-security. According to Ben Armstrong, the victory against the SEC is a sign that Ripple is getting closer to realizing its mission.
Armstrong revealed the evolution of XRP via upgrades and updates by delving deeply into its history. He highlighted the “fatal flaw” in Ripple’s software that prevented the banks from embracing XRP. Despite the fact that several institutions used Ripple’s software for international transactions, customers were never required to maintain XRPs.
Accordingly, once Brad Garlinghouse resolved the problem, Ripple created RippleNet and ODL (On-Demand Liquidity), which supplanted the earlier offerings. This invention aims to increase the use of Ripple’s blockchain by making XRP coins more widely used. It was “the real value proposition of XRP,” according to Armstrong.
As Garlinghouse hinted at XRP’s greater acceptance, Armstrong thinks the XRP community will listen to the news by Monday. He continued by saying that the CEO of Ripple has been “very strategic” but hasn’t done anything else to help bring the objective to fruition.
Also Read: Elon Musk’s new payments account is live January 21, 2024
Wallets