Ripple/XRP- Crypto Gets A Level Playing Field,Ripple North America SWELL,Chainalysis OCC Decision

by birtanpublished on September 18, 2020

This is digital perspectives with brad kinds subscribe for new content notifications now here's brad kinds come on in all right welcome back everybody so i've got a couple excerpts from the first part of the swell conference

In north america the webinar and i just want to play a couple of these clips for you guys uh nothing earth shattering that we didn't know but i think it just kind of reinforces

What we've understood and i think it's great when we can see people within the industry that we're invested in reinforce the understanding that we have about

Not only what ripple's role is but the overall plan to improve payments to improve cross-border and all the different transactions that really are wrapped into that broad

Statement of broad broad across border payments so let's go ahead and play this clip really quickly and then we're going to skip around to a couple places and then we're going to look at an

Article from chain analysis really quickly and then i want to ask you a question at the end of this video i want to ask you a question and i am so interested in each of your

Uh comments and answers into this okay so here we go let's start right here this is in remarks to whether the u.s can really come back in this position they're in and leapfrog the industry

In this tech race and kind of be number one let's hear the answer here you know just the implications to kind of global trade you know clearly uh the us dollar and the canadian dollar play a huge role

Uh kind of within that framework do you think these efforts can allow um uh north america to uh not only play catch up but maybe leapfrog some of the efforts across you know

Other other other regions yeah i think so i think because of the strength of the the combined economies and the strength of the trade between the two i think once we kind of get it right and we get

It right individually but then we also get it right together um across border i think it's it's a powerful thing that will you know we will change the game globally

Oh yeah i think you're spot on robin i think there's there's no doubt that um while there's there's work to be done to you know bring these systems up to up to speed um no pun intended um there is uh there's no question that

Once we get it right it's gonna it's gonna really catch fire and you know and really be something that's really gonna really help the economy of both countries i think grow in ways

That it is currently not able to so that's a yes from both people on the panel there that are absolutely working within the system to do that now let's get to this spot really quickly here

At 30 25 or so this is this is good enough right here let's go ahead and listen to this comment here where it really talks about cbdc's and crypto and blockchain and even at a point here through this

Exchange ripple's even mentioned as a potential solution for all of these issues and the integration with all of these different products and

Technology so let's listen to this really quickly here we go difficult domestically but you're thinking kind of broadly crossed uh cross-borders um you know i'm thinking through uh

Opportunities or or approaches to ensuring that interoperability robin you mentioned iso 2022 as an example uh certainly kind of an important standard but standard and

Interoperability any uh any thoughts or ideas or best practices or approach to share with the audience around that ago sure really okay yeah uh i mean i think

A lot of it you know we as payments people and folks in the space we get caught up talking about a lot of these technologies um and you know the technology is obviously vital and it's critical to making this

All work and we've definitely experienced that this year that you know a lot of the technology we didn't even understand the value of some of the stuff we had

Just generally speaking that being said a lot of these things come down to you know a willingness to do these to do it right the parties who need to interoperate getting together and figuring it out i think

There's no question that there are smart people at ripple and a lot of other uh companies who can who can make it happen you know you guys can figure out the tech

It's a matter of deciding that hey this is something we really want to achieve in order to make it the best possible experience for the end users and thus you know provide ourselves with that

You know 21st century payment system that we ought to have so there's the reinforcement and actually i i actually set that phrase up or that clip up wrong it was the iso 2022 phrase about cross-border payments

And his belief that companies like ripple and he just chuckles with the confidence that he knows how prepared ripple is that's going to come towards the end when i ask you a question here

About all this stuff that we're looking at let's keep going okay next spot is going to be at 33 let me get that set up okay let's go ahead and let it play right from here this talks about the cbdc's crypto

Blockchain ripples mentioned about companies pretty much just paraphrasing here basically leaning into the idea of these kinds of technologies because they're already seeing the benefits

Through the software so let's check it out smart actors get together you know it's leadership like your organizations that are going to help drive so so one of my i've been waiting for this

Question it's probably my favorite one obviously as you talk to ripple we love to get views on you know how you see blockchain blockchain technology uh kind of thinking around

Central bank digital currencies that are out there now and uh another one of the she's like side effects of pandemic is a lot of energy around that um and you know just digital assets in general

Um it seems like you know you've got some uh countries like china uh yet the uk thailand switzerland um even i think robin canada was one of the early adopters with uh

I think it was called mint chip if i'm not not not mistaken but you know what do you what do you guys think about uh uh you know kind of blockchain and uh and and where it's going across

Global payment in that ecosystem i think pat four for us in canada um we as you said we were involved quite early on um we did a project called project jasper and that was

Between ourselves bank of canada which in canada just by the way is slightly different we don't form part of the bank we just are regulated by them and it also involved the bank of england

And also at the manatee authority of singapore so it was quite a collaborative project that we did we included some of the global banks such as hsbc and jpmorgan

And this was just exploring um at early stages um blockchain and digital currencies and to set it to settle specifically cross-border payments so that project is is um still ongoing it's um it's bigger

And longer probably than our domestic modernization projects but it's something that we are you know it's not something that we are saying we are not interested in we don't want to you know we have nothing to do with

Um blockchain or digital currencies um it's something that we want to be ready for um and in fact the bank of canada is working on projects uh to build the capability for that

Um central bank digital currency so although they're going to issue that currency as yet when when the need arises to issue it they want to be ready and so we we're working closely with them

Um on that specifically and you know and we're looking at providers like ripple and and and how you offer it and how you offer it versus the different providers and really just to get best practices and

What's going to work for canada what's going to work you know from a global perspective interoperable perspective um so it's something that under pins i would say it's an undercurrent to our

Current more active modernization project now we're about to hear from reed and that was really hugely positive that there's been uh products

Projects been going jasper for a long time between many major banks and it's very exciting and they are not shying away as she said from the idea of moving into the use of

This technology i mean this is extremely exciting and again i'm going to have a question or two at the end of this and i am excited to hear your thoughts on it no doubt okay

So here we go let's hear reed's response pretty funny remark when he opens up here but let's let's hear this response yeah i guess what i would say on this one i i think you know this really ties in my mind back to

The conversation we were just having around cross border and interoperability i think there's a lot of really interesting applications for digital currencies virtual currencies blockchain

When you talk about figuring out how to help different systems interoperate and figure out how you settle across currencies and things like that by the way i had to refresh the page the webinar didn't stay the

Questionnaire form would pop up and then it dropped out uh several times but it'll come back here in a second using a digital asset can can really unlock some of those things in really interesting ways and so

You know keeping an eye on that for sure you know i i'd be you know getting in over my head if i talk too deep about mint chip unless we're talking about ice cream but i guess what i'll say is you know there

Are applications for blockchain and this is not nothing new but you know they're really interesting well beyond the payment space i know we don't want to go too far off the path here but you

Know i think as you see different folks experience success with blockchain you know and supply chain and the different things when businesses are using it for things like that

They gain a familiarity and a level of trust with it that i think opens some doors in the payment space and allows them to be more receptive to some of these sort of you know newer ideas than maybe they would be if they

Hadn't seen that success in other parts of their business very well said and again really hinting that companies are leaning in companies are leaning in

What does this go along with because look and that's all i'm going to play you from this clip and i may have more clips later but we'll see um let's now go to the article of chain

Alice's i want to show you this because this goes on to discuss the occ's cryptocurrency custody announcement so we literally just come from the ripple webinar in north america

And talking about the benefits and how hard the banks and the payment systems companies are working towards integrating blockchain solutions whether it be cryptocurrency or otherwise

It is exciting to see the back end efforts again i'm going to have a question here in a sec let's run through this article really quickly because it gives a little more clarity here

To the understanding of exactly what that decision was about the other day so let's take a look at this breaking down the occ's cryptocurrency custody announcement last week the united states office of

The comptroller of currency announced in national banks can provide cryptocurrency custody services to customers meaning that banks are authorized to hold the private keys

To a customer's cryptocurrency wallet just as a hosted wallet service or exchange would previously several states have given state banks permission to do so this but the occ's announcement permits it for

The largest banks operating across the nation as a part of its announcement the occ also reaffirmed its prior decision that national banks can provide banking services to crypto cert currency

Businesses it's worth noting that this may have been technically legal for national banks previously as the occ presented this announcement not as a new policy

But rather as a clarification of existing policy but by formalizing the authorization of national banks to custody digital assets the occ is setting the precedent that banks can roll out

Custodial cryptocurrency tools and platforms below we'll share a few of our thoughts of what this means for cryptocurrency the regular regulatory clarity provided by the oc last week comes at a crucial

Time as cryptocurrency adoption around the world continues to grow you can see a quarter over quarter they show you the chart here let's get into this

In just the last year the number of cryptocurrency users globally has grown by over 25 percent to reach nearly 51 million and it's not just individual everyday users professionals are taking advantage

As well in fact in june of 2020 a survey by fidelity investments of nearly 800 institutional investors across the u.s and europe revealed that 36 were already invested in digital assets

And that 60 believe digital assets have a place in their portfolios and that 60 percent of the 800 i mean this is remarkable you know see a place

In their portfolios for digital assets the occ's recent announcements suggest that u.s regulators understand the demand for cryptocurrency is growing and that they want more they want to

Empower banks to meet that demand by giving banks to go ahead to do that the occ is also taking an important step to ensure u.s businesses stay competitive with their counterparts around the world

In terms of fintech and cryptocurrency innovations not only that but allowing banks to custody cryptocurrency could actually result in a greater adoption by providing and potentially

Safer option for holding digital assets that more comfortable people are more comfortable with though it's not clear that traditional banks would actually offer more security for cryptocurrency many likely perceive their bank with

Whom they've often a long-standing relationship as a more secure than newer cryptocurrency businesses less familiar with uh that they're less familiar with given that

It is possible that the custodial services offered by banks will prompt adoption by users who wouldn't have bought cryptocurrency previously growing the user base overall they are saying what we know

This is our time make no mistake about it this is our time if you are in this space and you are invested this is our moment i really do believe that not financial advice

Now more than ever the u.s bank needs to assess risk on opportunities of cryptocurrency banks now have to go ahead to just offer their services to cryptocurrency businesses as large institutions like

Jp morgan have already done but also to launch their own custodial cryptocurrency platforms fintech upstarts like robinhood and square via cash app are virtually the only

Companies combining traditional banking and payment services with the access to cryptocurrency today these are the same companies threatening banks wallet share a recent survey

Of capgemini suggests that 68 of consumers globally currently have an account open with a challenger bank similar to those described above or plan to open one in the next three

Years this is especially true for millennial banking customers with interest in digital asset growing especially amongst millennials offering access to cryptocurrency could be a key strategy

To for traditional banks to stave off the upstarts and here we go there's your narrative what we talked about in this morning's video but banks can only take advantage of

Cryptocurrency opportunity if they take steps to mitigate the risk that's where chain analysis can help our products can enable banks involved in cryptocurrency to monitor transactions in real time

And screen for risky transactions using the same database trusted by government agencies like the fbi and the irs these compliance capabilities are only possible uh unlike the fiat currency

Cryptocurrency transactions are inherently transparent as all transfers recorded by digital on a digital public ledger inherently transparent as all transfers are recorded on a digital public ledger

Banks may be surprised to find that because of this compliance and safety are in many ways easier to attain with cryptocurrency than the fiat currencies they're used to dealing with now what i would remind

Everybody of is this and that is let's see if i can get this article really quickly here and i think that this is the article if i'm not mistaken here okay

Let me try this article right here and this is it this is not the article one second because i'm gonna get this article for us here

Ethan beard we're gonna get this i will find it it is right here and i just want to remind you guys at the end of this article this was october of last year

Here it was remarked that and i've covered this many times furthermore chain analysis is adding the xrp ledger to its blockchain analytics product there you go so we're listening to the chain analysis

Tell you what it means for the occ to give the decision as well as realize what their role is in helping banks as a service to mitigate the risk as they move into cryptocurrency custody

Knowing that chain analysis uses the xrp ledger to its bla added xrp ledger to his blockchain analytics product how about that okay now the question i wanted to ask is

Is this you just saw people from canada people from the the faster payments network and working on that whole team all the way around us canada there speaking to

Uh someone from ripple and i cannot remember his name i think it's uh pat fellain i believe it is but at any rate um you're seeing all these people talk about the use of ripples products do you

Actually believe that they would use ripples products and not use the token you know hearing chain alice's observation and their opinion of the occ ruling

Which really clarified that banks could before but they really came out and gave the clarification they need and knowing that chain analysis brags that they're a part of saying hey

And we can help banks mitigate this risk getting into the cryptocurrency world and understanding that to some degree the xrp ledger is being used in chain analysis uh analytics product i have to tell you

You know and then hearing chain analysis in the article even at the end of the article uh where they talked about uh everything going across a ledger right these compliance capabilities are only

Possible because unlike with fiat currency crypto transactions are inherent transparent as well as transfers recorded on a digital public ledger now they may be in that article they may be suggesting

Just generally speaking all i know is and i'm not trying to start a fire here being alarmist but that could be a general statement about you know reporting it on a public

Digital ledger fair enough but this isn't this is a direct line from ethan beard last october talking about chain analysis adding the xrp ledger to his blockchain analytics product

So it's there for a reason and i can tell you and there's a reason that banks are custody and crypto and it's because the big boys are about to come into this space

And the big boys and girls are about to buy out these upstarts and tell them thank you for coming we appreciate the work you've done you're no longer needed we'll take it from here all right guys that's going to

Do it for me hit the like and subscribe i'll catch you on the next one

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