Ripple’s progress over the past couple of months has been extraordinary, to say the least. The Brad Garlinghouse led company has made it a point to incorporate partnerships into its workings with several startups taking advantage of the fintech company’s native technologies.
An old video from the Modern Wall Street Roundtable recently resurfaced in which eminent personalities talked about how Ripple and XRP could become an integral part of mainstream finance. The panel in the Roundtable conference included Douglas Borthwick who was confident from the beginning that Ripple would create multiple milestones.
The popular attorney in 2018 predicted that there will be proper regulations for cryptocurrencies in the United States as well as other countries.
He may have been right on some aspects because, in 2020, regions had begun taking cryptocurrencies and blockchain technology seriously. Back in 2018, it was impossible to assume that India would ever accept cryptocurrencies as a legal form of transaction but two years later, the Supreme Court made it happen.
During the earlier discussion, Mr Borthwick claimed that by 2018, the Sterling will be matched against XRP instead of the Yen or the Dollar. He made this comment because he believed that XRP’s integrated values would make it a perfect asset for cross border settlements. At the moment, XRP was not having a great moment in terms of price and market cap but its utility has definitely gone up. Multiple banks and financial institutions have realized that using XRP provided an advantage over current financial systems.
Ripple and XRP were also praised for its ability to reach from any Point A to Point B across the globe. For example, let us look at the partnership between Ripple and MoneyTap, a fintech company. Ripple’s influence in the cross border transaction space has been so massive that the company even owns some shares of MoneyTap. The two organizations revealed that the main aim was the use of On-Demand Liquidity to cater to the diminishing capital liquidity pool.
Mr Borthwick had even said that XRP would receive its own spot trading platforms. There have been discussions to establish a proper spot trading platform for crypto but that has been delayed due to multiple reasons. These platforms will be supported by regulators and will act as the foundation for mainstream adoption, said Borthwick. Since the statements made by the attorney, Ripple has partnered with over 200 companies and does not seem to be stopping.
Banks and financial institutions in hotspots have dropped the idea that cryptocurrencies and the decentralized industry are bad. This was made clear again when institutions did not hesitate to use new technologies to combat the spread of the coronavirus.
Ripple has said that users can use their native cryptocurrency to move capital around the globe so that emergencies can be tackled as and when they occur.