Ripple official sees “biggest change” with non-banks “joining the network” 21420
Ashmita Dutta
Aug 22, 2018 at 4:55 PM

Wellington Sculley, a higher official at Ripple has revealed his observation of the "biggest change" involving non-banks joining the network. In a recently held interview on Ripple Drop, he has described this change as a "super cool" one. Sculley has been associated with Ripple for more than five years and thus, managed to share the status of RippleNet and its overall journey.

He has spoken about the alterations that the banking and other financial institutions' networks have undergone being the components of the Ripple network. He has described this initiative of entrance as "super cool" since now, the presence of non-banks in market would provide challenging solutions.

Statements of Sculley

According to Sculley, "I think the biggest change is that we’ve seen an increasing proportion of non-bank payment companies joining the network. I think that’s super cool given that a lot of these non banks are coming into the market to provide various specialized payment services to compete with banks who are really having a problem to catch up.”

See also: Is Ripple's XRP boarding the world's largest crypto exchange Binance?

He has mentioned that the non-banks' movement will be facilitating, "network of networks of specialized payment capabilities”. He has also referred to the newer dimensions like supporting the digital assets or accounts of multiple currency, which are lately explored by the digital banks.

Accordingly, he has stated, "I think what’s going to come in the future is that more and more of these digital banks, and I think you can even say banks, are going to offer the same similar  capability beyond just a multi-currency account; the ability to hold and potentially spend digital sets in addition to fiat currencies. I think that’s super exciting I think a very different world from where things were about a year ago".

See also: Ripple's XRP 'isn't a competitor'since it 'isn't really a blockchain technology': Ethereum co-founder

He has given his opinions regarding the experience of the consumer due to these changes in the domain of payments. The travelling customers are likely to benefit the most out of these developments. As per his words, "The amount of money that you could save on fees if you have a multi currency account it sounds incredible for travel totally totally. I think exactly the types of problems that these accounts solve for today I think the idea of extending that to these new types of currencies these new types of assets is super interesting.”

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