The Blockchain Ripple payment company performs another crucial movement, recently announced aspiration for the National Bank Card in the United States, which its general director, Brad Garlinghouse, exposed in social media.
National Bank Charter and Fed Master Account
According to For Reuters, the security of the National Bank card would allow Ripple and other cryptographic companies to improve payment processes, reducing costs by eliminating the needs of intermediate banks.
In addition, this designation was a key support for the ID card after years of work in the regulatory gray zone. The currency controller office (OCC), a key bank regulatory authority, confirmed the receipt of the Ripple card, which will be subjected to strict control before granting any approval.
In addition to the Ripple card, he is also looking for access to the Federal Reserve (FED) Main account. This would allow the company to apply the infrastructure of the Federal Reserve Payment, enabling its management of Stablecoin reserves directly with the central bank.
Ripple launched Stablecoin, Rlusd, in October last year. Although it is much smaller than the dominant players, such as Tether (USDT) and Circle (USDC), Rlusd has become one of the largest stablecoin, with a market value of around $ 470 million.
Ripple is approaching a solution in the legal battle of SEC
This strategic movement occurs at a crucial Ripple moment, because it seems that the company is approaching the resolution in the extended legal battle with the American Securities and Stock Exchange Commission (SEC).
How Reported Through Bitcoinist Garlinghouse pointed out that both Ripple and SEC will probably withdraw their appeals, pointing to the potential end of the dispute, which lasted several years.
Interestingly, this change may allow Blockchain payment to focus on its basic mission again: building “internet values”, as revealed by Garlinghouse, a vision with the transformation of global payment systems.
The result of the legal battle of Ripple can also pave the way for additional financial products associated with the associated cryptocurrency, XRP. Thanks to the main asset managers expressing shares in rotary funds (ETFs), which include XRP, the rates are high in the future in the financial landscape.
In particular, Circle also has announced He intends to set up a national trust bank in the USA at the beginning of this week, after a successful public offer (IPO).
Circle General Circle, Jeremy Allaire, emphasized the company’s involvement in trust and compatibility, stating that it will become a publicly listed company is a key step on this journey.
Since then, XRP has been trading USD 2.23, jumping slightly by 3% after Ripple announced on Wednesday. This recovery puts cryptocurrency by 34% below the record level of USD 340.
A distinguished painting with Dall-E, chart from tradingview.com
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