Soon an American bank will use Ripple (XRP) for cross-border payment services
Ripple’s CEO hinted that some US banks are ready to use Ripple (XRP) for their cross-border payment services. Popular crypto proponents predicted that a new official announcement will come soon.
Ripple is a San Francisco headquartered blockchain firm which provides cross-border payment services with the help of XRPL (XRP) crypto protocol. Three years ago, huge numbers of US banking institutions were using Ripple in their payment services but all of them were distanced from Ripple because of a lawsuit, initiated by the American securities regulatory body against Ripple.
As we know, recently Ripple CEO Brad Garlinghouse hinted that many US-based banks are going to use Ripple’s cross-border payment services.
In response, popular crypto proponent Ben Armstrong published a new video on Ripple and said that the adoption of Ripple’s payment services among the banks is a very big factor in the future growth of the XRP coin.
Armstrong delved deep into the history of XRP, unveiling its transition with upgrades and updates. He also shed light on the “fatal flaw” of Ripple’s software that hindered the banks’ adoption of XRP. However, Ripple’s payment software doesn’t force companies to hold XRP but technically it increases the use of XRP & that helps the XRP market to get a better amount of liquidity.
On behalf of Ripple’s CEO statements, Armstrong predicted that there will be new news on Monday of this week (i.e. Today).
Now it will be interesting to see what will happen this year in terms of Ripple’s technology adoption in the banking sector, as Ripple secured a type of free pass from the US court to run a business with XRP coin use.
Ripple vs SEC
In Dec 2020, the United States Securities and Exchange Commission (SEC) sued Ripple for the sale of $1.3 billion worth of XRP tokens publicly.
According to the SEC agency, the sale of XRP tokens was violation of the Securities Act. SEC also claimed that XRP was an unregistered security token.
In late 2023, the court judge ruled in favour of Ripple and declared XRP as a non-security crypto token and with that court ruling, Ripple almost secured a partial victory against all the allegations of the SEC body.
Read also: BRICS poses a threat to America’s ability to weaponize the dollar to sanction nations
