So… why international banks are adopting Ripple, and what it means for the future of cryptocurrency.
Before I embarrass myself by getting into the technical aspects of this, allow me to call in Brad Garlinghouse, the CEO of Ripple, courtesy of Yahoo Finance. Garlinghouse explains the need for faster international money transfers and states that many large banks are using Ripple. He’s actually understating the point here, as and more and bigger banks are jumping on-board daily. On Monday it was the National Bank of Abu Dhabi and the Spanish giant Santander. On Wednesday it was the Chinese giant LianLian…
What’s the point of knowing any of this you may ask? Well, some of the volatility we are currently seeing in cryptocurrency is a result of the fear that governments will crack down on it, either destroying it (not likely) or making it illegal, thus merely driving it underground (not so far-fetched.) The more that cryptocurrency technology is adopted by international banking in the meantime, the less likely those government controls are to come, and/or, the less severe they are likely to be when they do.
In a crude way, you might think of it as a race. With Ripple’s widespread adoption, cryptocurrency is undoubtedly winning that race. Not what you expected to hear while cryptocurrency prices are falling? Stay tuned. Cryptocurrency is just getting started.