Pac Global Chief Marketing Officer, David Gokhshtein, is sure that of all the crypto projects in the space, Ripple has the highest preparation to work with banks across the globe.
The conclusion by Gokhshtein who is a formal 2020 U.S House of Representative candidate was reached hours after the United States’ Office of the Comptroller of the Currency (OCC) circulated a letter pinpointing that federal and national banks can now make crypto coins available for their customers.
Gokhshtein’s observation is a revelation of Ripple’s network of customers largely made up of central and commercial banks.
Already, Ripple has been collaborating with banks on money transfer across border and the remittance firm is offering myriads of opportunities through the RippleNet solution which grants banks the opportunity to remit fund without having any fund in Nostro as is the case of other traditional payment used by banks.
Gokhshtein supports Ripple and XRP token and defends the digital asset anywhere. Once, he had an interview with Bitcoin maximalist Tone Vays who is known for ridiculing XRP token as being worthless and useless.
Financial Institutions May Offer Custody Services for Crypto Assets
The provision of cryptocurrency custody services alongside holding unique cryptographic keys associated with crypto, is a new method different from the old system of banking in relation to custody services, the letter permitting banks across the U.S to hold cryptocurrency contains.
As contained in the letter by the OCC, the First Union National Bank, Charlotte, North Carolina, solicited with the Office of the Comptroller of the Currency on April 15, 1998, for endorsement to attain functional holdings Inc., The Money Store, New Jersey, Union, and its innumerable direct and indirect affiliates.
Since 1998, the Office of the Comptroller of the Currency has specially acknowledged the significance of digital assets and the reasons why banks should make safekeeping available for such assets.
Brain P. Brooks, the Acting Comptroller of the Currency, said today that it is their responsibility to ensure that banks are able to provide financial services for their customers when needed. This can be done via safe-deposit boxes to virtual vaults.
The above statement made by Brain indicates that banks can continue a good job of providing the utmost satisfaction for their users by protecting their most treasured assets, which is cryptocurrency.
Furthermore, the OCC identifies the fact that with the rate at which financial markets are digitized, there will be a higher call for banks and other service providers to include in their system new technology and more creative methods to bring utmost satisfaction to their clients.
By so doing, banks are expected to play their role in fulfilling the economic intermediate task by offering recompense, lending, and security services which they have displayed in time past.
Ripple’s Relationship With Banks
Ripple has a good relationship with several banks and other financial institutions. Recently, the firm was captured holding an online conversation with authorities of the Brazilian Central Bank. Ripple also has strong relationship with Central Banks in the Middle East and it’s a favorite of the Saudi Arabian Central Bank.
Ripple is conversing with top banks in Asian to adopt its On-Demand Liquidity (ODL), a remittance solution making use of XRP token.
The blockchain enterprise firm held a meeting with the Central Bank of Cambodia on the adoption of blockchain in the country.
Top 10 banks in the U.S are making use of the Ripple payment solution to make payments across the globe. The same is obtained in Japan where top banks use the digital payment solution for easy fund movement.