Software engineer Vincent Van Code declared that Ripple will not be an ordinary bank. He also referred to the Fed Master application as one of the captivating aspects regarding the crypto company’s pursuit of a national custodial charter.
Why Ripple won’t be an ordinary retail bank
said Vincent Van Code that Ripple will not be an ordinary retail bank after revealing that the crypto company was a member American Bankers Association (ABA). He said this was critical news, but opined that Ripple’s application to open a Fed Master account was more captivating. The software engineer added that it is surprising how unaware the entire market is of these advances and that the price of XRP is still hovering around $3.
Ripple, through its subsidiary Standard Custody & Trust Company, applied for a Fed Master account at the same time it applied for a national banking license. president of the company, Brad Garlinghousehe then explained that this would allow them to hold RLUSD reserves directly at the Federal Reserve, which would provide another level of security for the stablecoin.
Meanwhile, Crypto expert unknowDLT was the one who pointed that Ripple was a member of the ABA, while issuer USDC Circle, which applied for a national banking license, is not. The expert further noted that this means that only one crypto company can be considered a bank. UnknowDLT indicated that large things are coming Ripple and XRPdeclaring that the cryptocurrency company will become the largest bank in the world.
UnknowDLT also echoed Vincent Van Code’s sentiment that the market is unaware of the progress on the horizon for Ripple and XRP. The said a cryptocurrency expert that retail investors are distracted by memes and Bitcoin.
The expert further noted that people think this way Ripple abandons XRP on retail investors as the company continues to build the infrastructure for the recent financial system. UnknowDLT added that people did not realize the huge recognition potential that XRP would have.
The company’s application is open to public review
XRP influencer Pumpius revealed that Ripple’s application for a U.S. banking license filed with the Office of the Comptroller of the Currency (OCC) is now open to public review. He noted that the crypto company is becoming a bank and that the same company that the SEC has been fighting to protect for years is now positioning itself as a “bank of banks” built not on established rails, but on XRP ledgers.
Pumpius added that Ripple’s transition from a crypto company to a liquidity institution is almost complete. It is worth mentioning that the crypto company is one of many companies that have applied for a national banking license, including Paxos and Circle. Cryptocurrency exchange Coinbase also filed last week on the national trustee charter.
Featured image from Getty Images, chart from Tradingview.com
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