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CATO Summit: "Digital assets will play a key role in financial services" - Ripple (XRP) News. Thursday, September 13

13 september 2018, 22:11 by Jesús S. Affigne

Ripple XRP Cryptocurrency News

“Digital assets will play a key role in financial services”, Ripple’s rep said

Ryan Zagone, of Ripple, shared his thought at the CATO summit 2018

Director of Regulatory Relations at Ripple, Ryan Zagone, is convinced that cryptocurrencies and the blockchain technology in general are an essential element in the next evolutionary step for financial services.

At the CATO Institute’s Fintech Unbound summit held in San Francisco, California, Zagone took the opportunity to talk about crypto’s role in transforming and improving traditional financial services thanks to the blockchain technology.  “We’re using blockchain and crypto in the cross-border payment sector,” said Zagone.

“When we look at cross-border payments [today], it’s very much a postal service experience. We drop our letter in the mailbox, we hope the postman delivers it, but we’re not sure exactly where it is. If there’s an error or mistake it is certainly hard to reverse that back.” 

In regards to how the world is reacting towards these new fintechs, he said:

“[…] I agree that “Certainty” is the pre-requisite for adoption. [And] I think that what we are seeing now is a recognition that blockchain and crypto will play a key role in the next generation of infrastructure for financial services, and countries now recognizing this potential to be a leader there, so they can become a global capital finance.”

For Zagone, there has been a pivotal shift in the use-case, from the way people thought about Bitcoin and cryptocurrencies as substitute of fiat currency up until a year ago, to how retail and enterprise are seeing them as a way to connect fiat currency more efficiently.

This lines up with Ripple’s main view of blockchain technology: to connect banks, payment providers, digital asset exchanges and corporates via their own platform to provide a frictionless experience in cross-border payments.

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