- US lawmaker reveals that he’s on a quest to break the monopoly of banking and obsolete financial infrastructure.
- He is pushing legislation to allow cryptocurrency companies a license as banks and opens the way for real on-chain banking.
Greg Kidd, a former candidate for the U.S. Congress and politician, has spoken out about Ripple, Blockchain, and the future of Banking. Kidd spoke as cofounder of Haka Yaka Ventures & owner of VastBank. He offered a visionary approach that may disrupt the traditional banking model.
Kidd expressed He expressed his wish to support legislation to allow companies such as Ripple the opportunity to acquire a banking license. Although he said that Ripple had not explicitly expressed a wish to obtain a banking license, he stressed his desire: to end the current banking industry monopoly. Coinbase Circle BitGo and Paxos all announced their plans to launch a cryptocurrency in April. reportedly exploring Bank licenses: How to get them.
He described a future where retailers and digital wallets could be directly involved in bank functions thanks to the openness of decentralized networks. “Banking should be accessible,” He said. “Think digital wallets, think remittance companies, could be retailers, all of those should be able to participate.”
Kidd discussed a new idea. He suggested that the entire banking industry be put directly on the Blockchain.
The decision was made to see what would happen if the banks were put directly in the dock.
XRP Ledger: The Future of Payments
Kidd proposed to U.S. bankers that they could use systems like the XRP Ledger instead of relying solely on stablecoins such as Circle or Tether. “So that would mean that the ledger of record isn’t something like an old 50-year-old Bancorp. It’s the blockchain,” He explained.
Kidd highlighted the advantages of the XRPLHe noted that payments are almost free on the network. According to him, in the future, blockchain solutions will reduce friction and lower costs for sending money. As we have reported, XRPL’s consensus is non-mining and carbon neutral. Another advantage is that transactions are settled in about 3–5 seconds, and it has a built-in decentralized exchange (DEX) that lets users trade tokens directly on the network.
Ripple will not have to start from the beginning if they can get a license. Ripple, through the XRPL and its RippleNet network has developed a number of relationships with banks all over the world. SBI Holdings is one its most loyal partners. SBI Remit, the subsidiary of SBI Holdings that launched MoneyTap (a Ripple app) for instant domestic transfers, has been a Ripple partner since 2011.
PNC Bank in the U.S. joined RippleNet to enhance its international payment capability. Ripple is growing its roots even more: The XRP Ledger will power Hidden Road’s post-trade infrastructure after Ripple acquired the prime brokerage.
Around $2.17 is the current price for XRP. according to Sistine ResearchThat could just be the start. A long-term projection by the company suggests that XRP’s price could reach $73 in the future. A 7-year price pattern that has formed on the graph is cited as a sign of an upcoming major break.
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Source: www.crypto-news-flash.com
