Published On: Thu, Jun 14th, 2018

XRP is Not Being Used By Banks, Ripple Exec Says

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Ripple chief cryptographer David Schwartz has said the company’s payment system “is not a distributed ledger,” while revealing doubts from banks about Blockchain.
‘We Haven’t Gotten There Yet’
In comments to Reuters June 13, Schwartz went on record to “concede” the company “hasn’t gotten there yet” regarding banking uptake of its services.
“What we hear from many of our customers is that it’s imperative to keep their transactions private, process thousands every second, and accommodate every type of currency and asset imaginable,” he said.
Ripple has traditionally held first mover advantage in terms of banking sector hook-ups with “Blockchain-based” technology implementations.
As cryptocurrencies encounter a broad downturn this year, however, the tone from senior executives appears less harmonious. The XRP token along with its xRapid platform are not being used by banks, according to Ripple, though they have been recently tested by money transfer companies Viamericas and MercuryFX.
This contradicts Ripple CEO’s statements earlier this month that “dozens” of banks will use the XRP token.

Earlier this year, Ripple’s CEO said he knew of banks planning …

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