The Daily Hodl
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Altcoins
    • Financeflux
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams, Hacks & Breaches
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • Chainwire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Altcoins
    • Financeflux
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams, Hacks & Breaches
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • Chainwire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
No Result
View All Result
The Daily Hodl
No Result
View All Result

Former Ripple Executive Says Banks Need XRP After Global Settlement Platform Suffers Major Delay

by Daily Hodl Staff
September 11, 2020
in Regulators, Ripple and XRP

A recent delay to an international bank-led payment settlement initiative is just more evidence that legacy financial institutions need to adopt XRP, according to a former Ripple executive.

First proposed in 2015 by Swiss bank UBS Group AG and London-based blockchain R&D company Clearmatics, the payments project – originally known as the “Utility Settlement Coin” – is designed to provide bank-backed digital versions of major currencies.

Last year, the project’s partners and founding shareholders, including banking giants Banco Santander and Credit Suisse, founded the company, Fnality International to spearhead the initiative.

While the project hoped to launch the digital currencies in 2020, Fnality International officials now say it is still awaiting regulatory approval. The company now hopes to get the green light in the first quarter of 2021. In the interim, Fnality has been building technological know-how according to International Chief Executive Rhomaios Ram.

Cory Johnson, a journalist who worked as Ripple’s chief market strategist from 2018-2019, says the delay is evidence that banks need blockchain technology.

Banks can't make these changes to themselves by themselves. They need a third party to help. #XRP https://t.co/eJF5ji5nqH

— Cory Johnson ?? (@CoryTV) September 9, 2020

Ripple’s cross-border payments product, On-Demand Liquidity (ODL), utilizes crypto exchanges and XRP.

The exchanges accept cash, move the equivalent value in XRP across borders, and then convert it right back to fiat currency. The transactions can process in seconds as long as there is sufficient XRP liquidity in the marketplace, minimizing volatility risk.

Ripple has long worked to convince regulators to adopt constructive cryptocurrency regulations to support the emerging industry. Last year, the company took out a full-page ad in the Wall Street Journal asking Congress to recognize the legitimacy of blockchain and distributed ledger technology.

 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Art Furnace

Submit a Press Release

Industry Announcements

  • Numerai Announces $1M Strategic Buyback of NMR
    July 17, 2025
  • Bit Origin Secures $500 Million Equity and Debt Facilities to Launch Dogecoin Treasury
    July 17, 2025
  • Supra Unveils Real-Time Macro-Economic Data Feeds to Enhance Onchain Trading
    July 17, 2025
  • Aster Launches 24/7 Stock Perpetual Contracts Trading With Exposure to US Equities
    July 16, 2025
  • The Sandbox Launches Largest LAND Sale to Date on GBM Auctions
    July 16, 2025
  • Vision (VSN) Has Arrived – The New Standard for User-Centric Token Ecosystems
    July 16, 2025
  • Snail, Inc. Announces Intent To Explore Proprietary USD-Backed Stablecoin
    July 16, 2025
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$118,813.83
$118,813.83
0.14%
Ethereum
$3,422.44
$3,422.44
5.91%
BNB
$722.74
$722.74
3.25%
Solana
$173.97
$173.97
4.45%
XRP
$3.24
$3.24
9.14%

Spotlight

  • Best-Selling Author Ric Edelman Doubles Down on $500,000 Bitcoin (BTC) Price Target As ‘Smart’ Investors Pile In
    July 10, 2025
  • Crypto Analyst Says One Top-10 Altcoin’s Chart Looks ‘Disgustingly Good,’ Updates Outlook on Bitcoin and Ethereum
    July 10, 2025
  • SEC Commissioner Peirce Declares Tokenized Securities Under the Purview of the Regulator
    July 10, 2025
  • Trader Predicts Mid-Cap Altcoin Could Explode 200%+ by August, Maps Path Forward for Dogecoin and Solana
    July 10, 2025
DON'T MISS A BEAT
Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options
By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.
Featured Image: Shutterstock/Billion Photos

Covering the future of finance, including macro, bitcoin, ethereum, crypto, and web 3.

Categories

Bitcoin • Ethereum • Trading •
Altcoins • Futuremash • Financeflux •
Blockchain • Regulators • Scams •
HodlX • Press Releases

 

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT | ADVERTISE

JOIN US ON TELEGRAM

JOIN US ON X

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2025 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Altcoins
    • Financeflux
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams, Hacks & Breaches
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • Chainwire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise

© 2025 The Daily Hodl