Ripple has clarified that traditional banks may struggle to adapt to blockchain without the support of this technology. Monica Long, President of Ripple, stated that banks are not equipped to directly engage with blockchain technology due to their outdated systems.
According to Long, Ripple plays a crucial role in bridging this gap, as she explained in a post shared by Xaif on X, where she stated that Ripple provides the infrastructure banks need to operate in a blockchain environment. She claims that banks working with blockchain independently is too unrealistic.
Banks and financial companies can easily exchange fiat for digital currency using Ripple. Solutions include securely storing digital assets, providing stablecoins, and tokenizing digital assets. For many years, he has shared that his services help banks adapt to blockchain without having to redesign their entire systems.
Furthermore, she mentioned that Ripple helps banks leverage the speed and efficiency of blockchain without neglecting regulations. The company allows banks to use blockchain without having to deal with its technical aspects. Ripple relies on the XRP Ledger, created to support a variety of financial applications. As a result, Ripple can create effective solutions that comply with industry standards.
Ripple Becomes an Important Infrastructure for Bank-Blockchain Integration
As banks explore blockchain not just for payments, Ripple's position becomes increasingly important. Long emphasizes that stablecoins and tokenization are emerging areas requiring secure and compliant platforms, and Ripple provides the tools to meet these needs.
Ripple's pathways in and out between conventional money and digital currency encourage people to use blockchain. The solutions are built to be used in current banking systems and other financial institutions.
Ripple aims to assist banks in adopting blockchain without exposing them to the risks of direct participation. Ripple's tools enable organizations to meet the demands of digital finance without having to repeat the process of building their architecture.
Coinbase continuously improves its system to cater to large investors. Banks may follow in Ripple's footsteps to adapt to the growing influence of blockchain.
Monica Long's statement highlights Ripple's crucial role in supporting banks' transition to blockchain. Without Ripple’s system, traditional groups may find it challenging to engage in the new digital financial era.