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XRP

Why This Former Banker Is Convinced XRP Will Disrupt The Payments Industry

Scott Matherson
by Scott Matherson
1 year ago
·
Posted in XRP
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Highlighting the considerable limits of traditional banking systems, a former banker has placed XRP at the top of payment services in the financial sector, predicting that cryptocurrency will disrupt the payments industry. 

Bold XRP Prediction By Financial Expert

In a rather lengthy X (formerly Twitter) post, ex-banker and financial expert, Kyren made a controversial prediction about the future of XRP in the payments industry. Kyren suggested that the token and a few other cryptocurrencies, will “disrupt” the traditional payments industry.

Related Reading: Ripple vs. SEC: Is A Settlement Back On The Table?

🏦I worked in banking for 4 years

Not the longest by any means, but more than enough to see the issues with legacy finance

• Process Payments
• Execute Payment Ledgers
• Maintain Accounts/Balancing

Heres why I think $XRP & $XLM etc will DISRUPT payments

As we all know,… pic.twitter.com/1jmV5OyhJQ

— Kyren (@noBScrypto) October 4, 2023

Kyren, a banker with four years of expert experience in the financial sector has been a vocal advocate of cryptocurrencies on X since he departed from the banking world. The crypto enthusiast believes that XRP’s unique features and high value as a digital cross-border payment system would effectively transform the financial sector, pushing past the industry’s limits and issues of centralization. 

The modern banking system has long been plagued by sluggish transaction processes and exorbitant fees, and Kyren strongly criticized this flaw in traditional banking systems in his post, stating that XRP would become the solution to these problems. He highlighted XRP’s ability to perform transactions at high speeds with costs as low as a fraction of a cent. He also stated the importance of transparency through blockchain technology. 

“As we all know, legacy banking is incredibly slow & inefficient. International payments can take up to 2 days with costs sometimes adding up to $50 or a significant %.”

He added that “we know that with $XRP & $XLM, we now have the ability to send value of any kind globally & receive it in seconds. All while costing less than a fraction of a cent in fees.”

Kyren stated that XRP would play a pivotal role in rendering Payment Service Providers (PSPs) and Nostro accounts obsolete. He also said that the token will help facilitate cross-border payments without the need for intermediaries like PayPal. 

XRP price chart from Tradingview.com

Token looks strong above $0.52 | Source: XRPUSD on Tradingview.com

Current Landscape Of Cross-Border Payments

Efficiently processing payments internationally has been a common issue for traditional banking systems globally as international transfers are less digitized and lack transparency. They also have stringent legal regulations and taxation which can lead to high transaction fees. Another primary concern is the currency conversion fees which incur unfavorable exchange rates.

Cryptocurrencies, on the other hand, enable peer-to-peer transactions with minimal costs and less hassle. Although the regulatory framework of digital currencies has not been fully developed, the cryptocurrency industry has to some degree effectively transformed the payment industry. 

Related Reading: Crypto Analyst Gives Reasons Why The XRP Price Will Reach $27

Countries like El Salvador, Brazil, and Ukraine have already adopted cryptocurrencies to integrate blockchain technology into their payment systems. 

Earlier in July, Ripple’s Chief Legal Officer was enthusiastic about XRP’s ability to facilitate cross-border transactions in the United States. Presently, Ripple offers cryptocurrency services in over 50 countries including Singapore, Europe, Japan, and others. 

The increasing adoption of XRP and other cryptocurrencies underscores the disruptive potential of blockchain technology in the finance industry. As the digital economy grows, the role of cryptocurrency in improving global transactions may become more prominent in the future.

Featured image from StormGain, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Scott Matherson

Scott Matherson

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Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

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