- Ripple's Xcurrent speeds up global bank payments and lowers costs.
- BlackRock now sees Bitcoin and Ethereum as valuable digital assets.
- More enterprises and sports teams are using virtual money for transactions and fan engagement.
Brad Garlinghouse of Ripple and Larry Fink of BlackRock are leading a major change towards global online banking. From September 30 to October 15, 2024, important developments are expected in this area as the European Union moves forward with laws while the United States struggles to catch up. Ripple's influence is crucial, especially through its Xcurrent network, which supports faster cross-border transactions. Meanwhile, BlackRock's changing view of cryptocurrencies reflects broader industry shifts.
Ripple’s Role in Digital Banking Growth
The token has played a major part in pushing banking systems toward digitalization with its Xcurrent technology. Launched in 2019, the mechanism allows banks to complete faster and more efficient cross-border payments. This system enables instant exchanges, cutting delays and lowering costs for financial institutions.
Ripple is also involved in the Virtual Dollar Project, which began in November 2023, hoping to introduce U.S. digital money. While the E.U has already established rules for digital currencies, the U.S. has been slower to act. The organization's executives will discuss this at the Eth Annual FinTech conference in October 2024. It will be important to see how the U.S. plans to manage these regulatory issues.
Larry Fink’s View on Cryptocurrencies
Fink, the CEO of BlackRock, has changed his view on digital assets. Once dismissive, he now sees them as valuable for wealth storage. He has pointed to BTC, ETH, and Ripple’s XRP as leaders in this space.
Fink’s new stance matches a wider shift in the financial sector where digital assets are gaining acceptance. More large investors are turning to cryptocurrencies, and BlackRock's interest has attracted attention from other big players. This trend shows that cryptocurrencies could become more embedded in traditional financial systems.
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