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Digital Assets Like XRP Can Help Prevent the Next Financial Crisis: Ripple Co-Founder Chris Larsen

by Daily Hodl Staff
October 26, 2018
in Altcoins

Ripple co-founder Chris Larsen says digital assets like XRP could play a major role in strengthening the global economy and helping avert the next financial crisis.

At the Money20/20 conference in Las Vegas, Larsen described how crypto could prevent trillions in capital from being tied up.

“Ten years out from the financial crisis, we still don’t have the infrastructure, perhaps, to prevent the next one. And I think this is where digital assets can really help, because an efficient digital asset can really solve some of the key problems in global liquidity. The world’s got trillions and trillions of dollars tied up in liquidity, just to get around how clunky the movement of value is around the world.

With a really efficient digital asset, something like XRP, and that’s what we believe will be the most efficient, you can now reduce trillions and trillions in capital from being tied up. So you can make those transfers instantly as a bank or as a payment provider or enterprise without having to have money pre-positioned all over the world.”

Ripple has laid out three ways that RippleNet, the company’s network of banks and financial institutions, can boost liquidity.

“Traditional bank-to-bank fiat relationships, also known as nostro accounts. This arrangement is supported because it can be optimal for high volume transaction corridors and uses existing bank-to-bank relationships and accounts.

Third party fiat relationships. This allows banks to prioritize those nostro accounts that make the most sense for them, but then augment them with third-party relationships that can overcome the high cost of liquidity in more expensive corridors. Banks can keep the nostro accounts they want and rely on this third party to handle their medium and lesser volume transaction corridors.

The digital asset XRP. Financial institutions can use XRP and its inherent benefits of speed, scalability and low cost to expand reach into exotic or lower volume corridors without holding new or additional nostro accounts. XRP becomes an on-demand liquidity pool for transaction parties.”

Ripple continues to add new companies to RippleNet at a rapid pace. Malaysia-based Moneymatch, UK-based MoneyNetInt and The Commercial Bank of Ceylon have all signed up in the past week.

The Crypto Beat

Institutional Interest in XRP Is Surging, Ripple Reveals in New Quarterly Sales Report

Revealed: Ripple Says Banks Using xCurrent Are Looking to Upgrade to XRP-Powered xRapid

Ripple CTO David Schwartz: XRP and Ethereum Have Never Had an Outage, Have Been More Reliable This Year Than YouTube

Over 7,000 Global Bankers Arrive in Sydney for Sibos 2018: Swift, Ripple and the Financial Services Turning Point

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