Cryptos: The secret weapon of German banks against the recession?

More and more seduced by cryptocurrenciesthe major German banks (DZ Bank, Deutsche Bank, The Banker, etc.) are preparing to flood Germany with offers linked to these innovative digital assets. In 2018, two of them expressed their interest in a particular crypto-asset : the XRP. Overview !

XRP, best ally for cross-border payments

The Atlanta Fed recently MADE thepraise of XRP for its effectiveness as a means of cross-border payment. Ripple’s native token also appeals to other institutions, if we refer to This article from The Crypto Basic.

There we learned that two major banking institutions have spoken out on XRP through a report called “CASH MANAGEMENT – The game changers in payments”.

XRP, the favorite of German banks

Cash management document, by Deutsche Bank and The Banker »

‘Central banks are working on issuing stablecoins, which is not issuing pure-play cryptocurrency, but cryptocurrency that acts as a BRIDGE CURRENCY’

XRP, RIPPLE and XRapid mentioned almost 20 times. »

This tweet by Edward Farina, CEO of Alpha Lions Academy, highlights a report published by Deutsche Bank AG five years ago.

In other words, this bank’s interest in XRP dates back to 2018. In the famous documentDeutsche Bank referred to Ripple’s XRP as efficient way for cross-border payments.

Ripple, which is based on blockchain technology, therefore benefits from a growing interest from institutions well before the start of his lawsuit against the SEC.

Other products belonging to the same company

The Deutsche Bank report not only touts the merits of XRP. He also highlightedother products issued by Ripple through RippleNet: xCurrent, xRapid and xVia.

The xCurrent guarantees reliable information regarding payments. The xRapid, on the other hand, allows liquidity for cross-border transactions. Let’s not forget that XRP assumes the status of ” bridge currency (bridging currency) in this context.

xRapid, for example, has already won over the American non-banking financial institution Cuallix. She uses it for speed up payments between the United States and Mexico.

Aside from these products, the Deutsche Bank document also highlighted the ” innovative approach from Ripple in addressing liquidity issues in cross-border payments.

In 2018, it was found that Ripple (through its products XRP, xRapid, etc.) more than 100 financial institutions on the RippleNet platform. The Swedish bank SEB is one of the first to integrate it to facilitate money transfers between the United States and Sweden.

The famous report did not omit the blockchain, this technology able to ” fill gaps in cross-border payment services “. It is particularly useful in regions deprived of banks.

As for the German banks, their initiative for a massive adoption of bitcoin in Germany is commendable.

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