China News by Thebittimes.Com

When a complaint from an XRP token holder gained over half a million impressions on X, Ripple co-founder David Schwartz was forced to explain why Ripple’s blockchain, despite over 300 bank partnerships built over 13 years, doesn’t process billions of dollars worth of daily on-chain volume. Schwartz launched the XRP Ledger with Arthur Britto on June 2, 2012. Unlike Bitcoin, whose founder Satoshi Nakamoto intended to disintermediate banks, Ripple has remained focused on banks for years. On social media, XRP communities track and celebrate bank integrations and how the XRP Ledger can facilitate settlements between trusted intermediaries. Not only that, Ripple has issued hundreds of press statements about banking integrations, and Schwartz appeared to agree with an estimate that the company has established at least 300 banking partnerships . Which is why it’s odd that so few banks actually transact on the XRP Ledger. In his X posts, Schwartz explained that f...

Ripple Labs penetrated the financial markets by solving a key issue that was plaguing the global banking sector for decades. It provided banking clients with a product to seamlessly facilitate money transfers with the help of blockchain technology. Leading financial institutions like Bank of America and JP Morgan are using Ripple’s services to secure their transactions. Despite the partnerships with top banks and fintech firms, Ripple’s XRP has barely surged in price. Also Read: XRP’s W-Pattern Targets $40 as XRPL EVM Sidechain Goes Live Why XRP Does Not Surge When Ripple Partners With Major Banks? Source: Bitcoinist Even after banks extend partnerships with Ripple Labs, the financial institutions don’t have a need to deal with XRP tokens. Ripple offers two different products: RippleNet and On-Demand Liquidity (ODL) which are primarily separate from each other. Using the ODL to facilitate money transfers, XRP plays the main role as it is used as gas for settlements and...

Chainlink (LINK) co-founder Sergey Nazarov says major financial institutions around the world are primed to start utilizing his project soon. Nazarov notes in a new YouTube video that the decentralized oracle network is arriving at a point where financial institutions have been reaching out for help with various projects. “At this point, I’ve been – between last year and this year so far – almost everywhere. Last year, we covered a lot of Asia, the Middle East, Australia, many of the top environments where cryptocurrencies and blockchains are getting adopted. This year, with the new stance on regulation in the US, we are very heavily covering all of the US institutions in addition to continuing to cover those in Asia and the Middle East. So I can’t mention exact names, because they want to wait to announce, they have all these processes with NDAs (non-disclosure agreements). It’s a very tightly controlled process, but I would say between la...

Source: Adobe/JHVEPhoto The current crypto market downturn is comparable to the 2008 global financial crisis, and more regulatory oversight is needed, according to Christy Goldsmith Romero, commissioner of the Commodity Futures Trading Commission (CFTC). Speaking at a forum hosted by the International Swaps and Derivatives Association in New York on Wednesday, Romero said the crypto market has shown “vulnerabilities” similar to those in the global financial crisis, and stressed that contagion from crypto to traditional markets is a real risk. “Cryptocurrency was supposed to break from the traditional financial system, and all of its fragility and vulnerabilities. However, this spring, unregulated crypto markets revealed their vulnerabilities to similar financial stability risks as traditional finance, with parallel themes from the 2008 financial crisis,” Romero said. The Democrat-appointed CFTC commissioner further said that she is an advocat...