Yesterday we posted a tweet that got a lot of peoples attention. It had over 32k impressions. Here it was:
— XRP Researcher | XRP Investor (@XRPNews_) March 9, 2019
Instead of replying to everyone individually, I thought I would write an article this morning going over the tweet and how this all came about.
AMBCrypto posted an article on March 8 Titled: Bitcoin [BTC] and Nasdaq are not a good fit, says Nasdaq’s Head of Blockchain Product Development
John Toll who is Nasdaq’s Head of Blockchain Product Development stated:
“The problem with Bitcoin is that if something goes wrong, you don’t have anyone to call, there’s no one to sue or get your money back, so if they get your private key they can literally steal all your Bitcoins and there is no way for you to get them back.”
John has a very good point here. Who do you call if something goes wrong with your bitcoin transaction? It’s not like you can look up Satoshi in the yellow pages and call his cell phone at any moment of the day. SO what do you do? What do you tell you, investors? Well, there isn’t much you can tell them because you have nobody to fall back on here. So now the argument comes up for XRP. If something happens with your XRP during a transaction who do you call? XRP is not “owned” by anybody. It’s out there for anyone to build on top of. But here is the kicker. Ripple the company is building its software products on top of the XRPL. Ripple knows the software and can help debug if something was to go wrong. At least this is a step in the right direction, unlike Bitcoin where you are left scratching your head.
As we dug around on Nasdaq site we found an article from January 2019 titled: Will Ripple Buck the Crypto Drop?
This article goes over the hidden strengths of Ripple and how cheap and fast transactions are. It also states how XRP can be used to both facilitate currency transfers and avoid the costs involved in currency exchanges. The sender can use US dollars to purchase XRP, which can be transferred rapidly to the receiver, who can convert the XRP to any desired currency – at that day’s rate, without the commissions usually involved.
So now we get into the juicy stuff: John Toll, Nasdaq’s Head of Blockchain Product Development has told us directly that Bitcoin is not a good fit for Nasdaq and what they are trying to do. There is no face behind bitcoin, nobody to call to troubleshoot if something goes wrong and puts Nasdaq in a really bad spot if something was to go south. John Toll, then goes on to reveal that eight Swedish banks were collaborating with the exchange for the usage of private permission hybrid ledgers to refine mutual funds trading.
“The mutual funds business in Sweden, in the Nordics, in Europe and in many places in the world are very, very fragmented, a lot of intermediaries, it takes a long time to settle the trades and it’s a lot of manual intervention, fax machines are even used still.”
“So for that we see where blockchain can have a really, really good role here for how we could create a shared trusted network between the intermediaries and guarantee them the transfer and issuance of those shares, as well as manage the payment of those shares.”
The Nasdaq is looking for a cryptocurrency that they can use between multiple countries. John Toll told us in the quote above that 8 Swedish banks were collaborating with the Nasdaq to refine mutual funds trading. As we stand today the trades are taking a long time to settle and require a lot of manual intervention. This is where XRP steps in. XRP will help settle these funds in a matter of seconds and require very little intervention.
What has Brad told us about 2019? He stated that dozens of banks will be using Xrapid by the end of the year. We can only speculate on this, but from what we have gathered, Nasdaq has been in talks with Ripple about listing XRP and using XRP, 8 Swedish banks are in talks with the Nasdaq to speed up there mutual funds trading, and Brad has said Dozens of banks will use XRP in 2019. Time will tell, but it is going to happen. XRP will be the 1st on the Nasdaq and Xrapid will be used to help out these Swedish banks.