One of the leading names in the crypto money industry, Ripple (XRP)expressed his vision for the project.
Digital Generation Financial Services and founder of Anodos, Panos Mekras, explained in a series of recent posts how XRP will shake up the financial industry. Merkas commented that the Ripple project threatens the existence of banks, which are the backbone of the traditional financial system.
$XRP is one of the biggest threats to the big banks. 🧵1/15
Blockchain technology, crypto, and especially $XRP, are destroying the banks' monopoly and disintermediating them in many ways, but in this thread we will talk specifically about global payments.
— Panos 🔼{X} (@panosmek) August 26, 2023
Mekras spoke about the transactions while admitting that the current financial system is old-fashioned and inefficient. Today, banks that transfer money between each other do not physically carry the money. The SWIFT system only replaces the entries and exits in the accounting books of financial institutions.
Mekras drew attention to the difficulties in connecting banks around the world directly with each other and transferring funds quickly. The SWIFT system and the monopoly status of large banks cause small banks to depend on larger banks.
Ripple, on the other hand, emerges as a solution to these problems.
In today’s world, where the borders are melting and the global economy is spreading, banks are lagging behind in money transfer technology.
According to the crypto expert, Ripple (XRP) will make it possible for interbank transfers to actually take place. The gradual spread of the XRP token will lead to a significant increase in efficiency in the financial system.
Ripple (XRP) Price
The altcoin unit, which has been on the agenda in recent months, has largely lost the excitement of the interim decision in the SEC case. Although XRP reached the level of $ 0.94 in July, it has given back most of its profits in the last 1 month.
Cryptocurrency currently finds buyers at $ 0.516.
