Banks have 'No Intention' to use Ripple's XRP token

[mirmidon]

This all is valid only for USA! Many other bank outside USA will test Ripple this year.

Check this out from yesterday:
https://presse.credit-agricole.com/actualites/le-credit-agricole-experimente-la-technologie-blockchain-pour-les-virements-transfrontaliers-b914-9ed05.html

I think they will try to sink the price to 0.8$ with all this bad news and FUDs to buy it cheap and then in the middle of the year the price will explode. 

[1715088535]

1715088535

[lutcor]

Well, if so, then I bring my regrets to the holders of the Ripple token, because here, as it were, the situation is very bad. Everyone was counting on the fact that Ripple will still be in demand in the banking sector, and now I do not know why then this project is needed at all?

[lekam0213]

https://www.youtube.com/watch?v=NhieGgf219Y



Bloomberg News confirmed that it has spoken to various multi national banks, who all had the same thing to say:

'We have No Intention of using the XRP token for Bank Transfers.'


It appears, Prima Facia, that 'some' Banks may have agreed to 'Test' certain 'Network Features' of Ripple's new network, but Bloomburg couldn't find a single bank that would be using the publicly traded XRP token to initiate bank transfers.


Of course, this is logical, why would a bank agree to use a publicly traded security token that may swing in value exponentially on a daily basis to move private, secure, customer funds?


Answer: They wouldn't.


At best, the XRP token is a security that would be traded by Banking Brokerages or Clearing Houses on demand for customers akin to a stock order.


A bank would NEVER, legally, or even morally, engage in risking customers pecuniary account values on a publicly traded, wildly oscillating security which could potentially jeopardize clients funds values.


Sorry to anyone who may have bought the hype, but it appears Ripple may have been engaging in Marketing Fraud with claims that banks would be using the publically traded XRP token to initiate private bank transfers.


If someone can prove Bloomberg wrong, and can provide an actual, official statement from a BANK, and not just a talking point from a Ripple press release, then we'd love to see it.


Until then: It seems Ripple is BUSTED.

Really, I am one of those who think that ripple was used by banks but this thread is an eye opener to me and made me realize that is was really all talk and with an volatile currency the bank would not use it.

[hesham51]

For Banks and Others big companies, the will try to get in block chain technology , I think the tokens who built as protocol or even as a network have a big chance over those who produce services, so I think Ethereum , Neo, Tezos,... etc, will acquires more value .

[bountyjunkie]

Ripple is a middleman currency. Centralized it is and work against the very premise of blockchain.

[Gnosis7777]

For Banks and Others big companies, the will try to get in block chain technology , I think the tokens who built as protocol or even as a network have a big chance over those who produce services, so I think Ethereum , Neo, Tezos,... etc, will acquires more value .

JP Morgan is working on it's own blockchain, it's been named Quorum.

https://www.jpmorgan.com/global/Quorum

Yes, banks are interested in blockchain, however they will (and are) create a private blockchain 'based' on pre-existing protocols, like Ethereum, Neo, or even Ripple. (However they will be not using the same network as the rest of us, think of it as a private hard-fork.)

This is a common misconception (and in my opinion, simply marketing fraud) with these press releases and corporate crypto announcements, it appears none of these companies will be using the publicly traded tokens, they will instead have their own private versions of the blockchains.

I've seen the same thing playing out with the 'Ethereum Enterprise Alliance', none of the companies are using the publicly traded ETH token, or even the Ethereum network, instead they are developing private blockchains based on Ethereum smart-contracts; as seen in the above JP Morgan Quorum example.

[Crypdon]

Banks don't have a need for ripple, money transfer via banks nowadays is fast enough. Would would they need the extra work from a volatile system which would probably cost them more as they make up the losses when the value drops. Ripple is no more stable than bitcoin, if they are going to trade it will probably be with something like tether

[TheIO]

That should put a big halt into XRP's growth for the short term. I wonder how Ripple (the company) will react to this news, they always seem to deliver some seemingly good news on a weekly basis.

[CryptoBeefy]

Hasnt the rumour been that banks would use XRP for a while now? Still no changes, i'm sure there will be with banks down the line but will they opt for a system already in place or look to develop their own?

[balrog]

American banks will not use ripple tokens , fine . What about EU banks ? I think they have the same position . I wouldn't be surprised if there was no real banks , which have intension to use ripple token . Ever . Because , banks have intention to use a RipplePay system , not the ripple token . That's a different things . Everything about xrp token is manipulation for enrichment , but when the most part of xrp holders will realise it , it will be too late to save their investments.

[Mohamme]

The Ripple is a centralized token.
But the Ripple price is very volatile, so I think that Ripple is not a good choice for the bank.
Instead of using the Ripple, countries' Banks will study the block chain technology themselves.

[damberg]

Bloomberg News confirmed that it has spoken to various multi national banks, who all had the same thing to say:

'We have No Intention of using the XRP token for Bank Transfers.'


It appears, Prima Facia, that 'some' Banks may have agreed to 'Test' certain 'Network Features' of Ripple's new network, but Bloomburg couldn't find a single bank that would be using the publicly traded XRP token to initiate bank transfers.

Blockchain interuption in banking industry is far from being implemented in production. Some features might be (or have been) tested, but cost of transition to any "general ledger" technology is significantly higher than revenues and value added of the transition. That being said, it is more probable to see a brand new "hipster" bank to pioneer blockchain technology in full scope.
 
Merited, btw.