Crypto vs Banks: Chainlink and Ripple are Taking No Sides

[Megamind]

When Satoshi created Bitcoin in 2009, the idea was to decentralise financial transactions - since banks are controlled by the financial authorities. A few years later, Bitcoin and cryptocurrencies became more popular, and there’s now a great debate about which is better between crypto and banks.

But two of the largest blockchains, Ripple and Chainlink, are taking no sides in this debate. Both blockchains are working with banks and other financial institutions to build what may become a solid financial infrastructure for the future.

After its recent partial victory against the SEC, Ripple CTO, David Schwartz, has said the company is back to building a system that enables global financial institutions to “move, manage, and tokenize value.” Supporters are also hopeful that banks will start adopting XRP for cross-border transactions.

On the other hand, Chainlink recently announced that it’s partnering with Swift, an interbank messaging platform, to build an on-chain token transfer system via Chainlink’s protocol. On top of that, Swift recently tested a new connection between blockchain technology and over 12 financial institutions using Chainlink’s protocol.

Evidently, there is more push for a hybrid financial system combining crypto and traditional finance in some quarters of the crypto ecosystem. Is this the next big step towards better crypto adoption, or is it more of an experiment? Let’s have some thoughts below.

Source; CoinDesk

 

 

 

 

 

[MongiIG]

4 hours ago, Megamind said:

When Satoshi created Bitcoin in 2009, the idea was to decentralise financial transactions - since banks are controlled by the financial authorities. A few years later, Bitcoin and cryptocurrencies became more popular, and there’s now a great debate about which is better between crypto and banks.

Hi @Megamind

Thanks for sharing

 

All the best - MongiIG

[BashJasper]

On 06/10/2023 at 12:26, Emon said:

Ripple is completely on a different level. After winning SEC they'll become invincible. Their concept is dope & I believe one day, they're gonna replace current payment system. I've added some at this level~

I think their lawsuit vs SEC is anything but over because the court has already thrown out SEC proposal to appeal the partial victory. Fingers-crossed, with Ripples recent expansion and more adoptions, we might see a huge ATH of prolly $10 according to major crypto analysts. Thankfully, I bought some and kept them in my safe on Bitget wallet. But my plans for my XRP token is to be able to use them for something worthwhile in the future