As cryptocurrency continues to show more proficiency and capability in making transaction easier for people, the world is gradually embracing the technology as a trusted means even though some are still skeptical about its credibility.
Owing to the gradual diffusion of blockchain technology, a network that records it transactions using distributed databases, math and cryptography, banks are beginning to embrace the technology as their co, whom they could partner with in gaining relevance in the world of financial transaction.
Then, some banks and financial bodies mused over the best cryptocurrency to marry, and they came to the final resolution that Ripple would serve them right. Banks and financial institution like Santander, Saudi Arabian Monetary Authority, MoneyGram, American express, and Canadian Imperial Bank of Commerce, among others have aired their collaborations with Ripple.
Despite the collaboration, partnership and perceived friendship between Ripple and banks, series of speculations that altcoin is becoming more of a threat to banks or banks are aiming to crush Ripple off the financial world has been rousing all over the space, with various analysts and observers giving out their opinions.
In a statement, the President and COO of Global Blockchain said “if big banks were to succeed in crushing one of these two currencies, Ripple would be it,”
In the same line, the CEO of J.P. Morgan Chase & Co., an American international banking system, Jamie Dimon, labeled digital currencies as “fraud,” and a “tulip bulb,”. Making us know that in the heart of high profile banker lies statements like “banks are prepared to crush down cryptocurrency”
However, the liable cryptocurrency that banks will surely want to crush is Ripple. According to Shidan Gouran, “Ripple is much more of a direct competitor to banks. Because it operates more like a transaction network than a currency”.
Also, Darren Marble, the CEO of CrowdfundX said, I believe Ripple offers a viable blockchain solution and an enormous amount of utility to banks.”
In the same direction, Marcus Schenck, co-head of corporate and investment banking at Deutsche Bank, in his opinion, said bank accounts would disappear in few years to come.
For me, going by Marble’s statement, I think banks are more in need of ripple than the otherwise, therefore, what will give them the capability or thought of crushing a technology that complements them and make them more viable in the financial industry?
A penny for your thought.
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