Ripple’s XRP May Get A Serious Rival Led By UBS Bank
Ripple had a great 2019, and the community is hoping to see an even more successful 2020. The company made sure to promote its products during the past year and to boost the whole XRP ecosystem.
XRP products saw massive recognition and extended adoption during the past year, and they have been seen as a potential replacement solution for SWIFT.
Mati Greenspan vs. XRP army of fans
Mati Greenspan has been recently involved in a hot debate on Twitter with the XRP army of fans and Ripple enthusiasts.
First of all, he shared that he had found two major issues with the XRP token and the price and then he also suggested that there’s a scenario in which the central bank of each country has its very own digital currency (CBDC).
The XRP community started to praise XRP.
Greenspan did not remain quiet and wrote a daily newsletter tp highlight the issues that XRP may face in the short term.
He referred to his tweet about CBDC and said that the XRP community misunderstood this important point.
“Hats go off to the XRP community on Twitter for their persistence. When I sent a tweet yesterday regarding central bank digital currencies, I was actually talking more about the US Dollar’s reluctance to innovate.”
Imagine a world where Europe, China, and 50 other central banks have their own digital currency that settle international payments in real time & have smart contract capabilities.
Now try and think of a reason that any bank would prefer to hold non-digital USD in their reserves.
— Mati Greenspan (tweets are not trading advice) (@MatiGreenspan) January 2, 2020
UToday writes that Greenspan was surprised by the fact that the XRP army believes that all central banks would need a bridge currency and they say that XRP could be the perfect one.
He mentioned that the head of Bank of England, Mark Carney, says that banks could actually use digital currencies in the future.
Greenspan said that Carney was not talking about XRP as the bridge currency mentioned above.
Hot from the press. Today's QE Newsletter tackles…
— Mati Greenspan (tweets are not trading advice) (@MatiGreenspan) January 3, 2020
USC led by the UBS Bank
He also said that the BoE governor had in mind the new project called Utility Settlement Coin (USC) led by the UBS Bank.
Basically, Greenspan believes that USC could become a serious rival to Ripple’s XRP.
“The project led by UBS Bank called Utility Settlement Coin (USC), which recently raised $63 million and should be seen as a serious contender to Ripple’s suite.”
Greenspan continued and said: “It does seem more likely that a coin created by banks, for banks, would be favorable to most large financial institutions.”
As expected, he received lots of backlash from the XRP army of fans.
In terms of price, XRP is racing today as you will see on CMC.
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Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.