Ripple Labs is seeking a bank license and is applying to US regulators for the National Bank Charter. For beginners, the National Bank Charter is a license provided by the federal government that allows financial institutions to operate as banks. It is supervised by the office of the Secretary of Currency (OCC) where financial institutions can accept deposits and pay loans. When US regulators grant access to Ripple, they build trust and enter the main streets of the financial sector. This development also makes Ripple’s XRP strong. This is to boost the outlook when access to the National Bank’s Charter will be available.
This is a bullish take on Ripple (XRP)
While other cryptocurrencies are running in hype, Ripple’s XRP could play a role in changing financial situations. Large financial institutions have already invested in XRP, cited fintech features that can shape the economic sector. Bank of America, Standard Charter, and SBI holders in Japan already use Ripple Services for payment transactions. These are used in less than 10% of the overall transaction, but still are big numbers considering penetration. With more banks continuing, Ripple’s XRP can have bullish papers for the next few years.
The financial world is enormous and will only be entering the blockchain industry from 2020 onwards. While traditional forms of payments still dominate, new technologies are gaining market share because blockchain ledgers cannot be tampered with. Transactions are also seamless and low fees, making them an advantageous option for use as a Service as Software (SAAS) solution. Ripple still has a long way to get global acceptance, but if that’s done, XRP will be bullish first. Acquiring an entry position for XRP and waiting more than a decade can bring a surprising turn to investors’ portfolios.
