Ripple CTO tries to offer answers for lack of adoption
Community expectations have long been that banks would adopt XRP, but the reality has been disappointing Amid a difficult year for the payments-focused cryptocurrency, Ripple’s CTO David Schwartz has recently taken to Twitter to discuss with community members why banks have been reluctant to adopt XRP as a bridge.During an exchange with a member of the Ripple community last week, Schwartz explained that there are a set of obstacles Ripple is facing that has led to banks' reluctance to use XRP to settle cross-border transactions.Schwartz wrote that he sees issues such as, “Regulatory....
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Ripple CEO Brad Garlinghouse reiterated his concerns over the lack of regulatory clarity from the U.S. Securities and Exchange Commission (SEC). Previously, both Garlinghouse, and Ripple CTO Chris Larsen, had expressed a desire to leave the U.S. due to what they perceive as stifling conditions. More recently, in a CNN interview, Garlinghouse said little has […]
Crypto education could be key to promoting financial empowerment and increasing mass adoption across Latin America — if we do it right. In October 2021, it was estimated that approximately 15% of the world’s supply of Bitcoin (BTC) was in circulation in Latin America. According to a recent report released by Crypto Literacy, however, 99% of Brazilian and Mexican respondents failed a basic assessment on crypto literacy. Crypto adoption is well underway across the region — on the rise even — but, people still lack a basic understanding of its underlying technology and use cases. When this....
Ripple Labs, the creators and developers of the Ripple network, have appointed Donald Donahue, former CEO of The Depository Trust & Clearing Corporation (DTCC), as an adviser. The new addition to the advisory board comes amid the digital currency startup's efforts to push adoption of the Ripple payment network onto banks and financial institutions. DTCC is one of the largest clearing houses of securities and derivatives in the United States, processing $1.6 quadrillion worth of transactions last year. It is also one of the largest clearing houses in the world. "I'm very interested in the....
Ripple Labs, the company that was expected to offer a stiff competition to Bitcoin with its Ripple (XRP) digital currency and Ripple Protocol seems to have fallen behind. Thanks to the recent crackdown by US Financial Crimes Enforcement Network (FinCEN) where Ripple was slapped with a $700,000 fine for non-compliance of regulations while operating as a money services business and selling its virtual currency. FinCEN had found that the parent company of Ripple Labs - XRP II, LLC had willfully violated the Banking Secrecy Act by not implementing effective Anti-Money Laundering (AML) program.....
Earlier this week, the Ripple CEO Brad Garlinghouse said the SEC intends to file charges against the San Francisco-based fintech giant. This was an unusual move in that it’s typical for regulators to go public first. Ripple was unsure when the SEC would announce the news. But as sure as night follows day, the SEC […]