Teaming Up With Ripple Would Cost Banks Less Than Creating Their Own Coins

Speaking of banks and crypto, we revealed just the other day that big banks have something pretty interesting in the works.

Big banks are preparing to launch “XRP killer” – USC

Big banks are launching a platform that’s designed to use blockchain-based currencies that are 100% backed by central banks.

USC is the Utility Settlement Coin, and it’s a project that will be initially supporting USD, CAD, EUR, GBP and JPY worldwide for commercial institutions and central banks, according to the latest reports coming from the Daily Hodl.

The new company is called Fnality International and among the company’s partners and stakeholders are Santander, ING and more such big players.

It looks like the traditional financial institutions are developing a new blockchain infrastructure that will have the advantage of digitizing dollars while avoiding the volatility of cryptocurrencies.

Teaming up with Ripple would be cheaper

The founder of Gokhshtein Magazine, David Gokhshtein tweeted back in May that Ripple’s XRP will definitely take over the global financial system, says Investinblockchain.

Ripple has been working hard to build an extremely convenient and accessible infrastructure that avoids the need for banks to build their own blockchain systems.

This would be extremely time-consuming and expensive, in his opinion.

He believes that it costs less for banks to simply team up with Ripple and use XRP compared to the costs that they would have to support if they were to decide to build their own crypto.

Ripple has been working to eliminate all the flaws that are plaguing the traditional payment system SWIFT.

The latter has been used for decades by banks and financial institutions, but it has already been proven that Ripple’s solutions for cross-border payments are faster, cheaper, and safer.

That’s why important players such as Euro Exim Bank have already ditched SWIFT in the favor of Ripple’s xRapid for sending money across borders.


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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.

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