A recent delay to an international bank-led payment settlement initiative is just more evidence that legacy financial institutions need to adopt XRP, according to a former Ripple executive.
First proposed in 2015 by Swiss bank UBS Group AG and London-based blockchain R&D company Clearmatics, the payments project – originally known as the “Utility Settlement Coin” – is designed to provide bank-backed digital versions of major currencies.
Last year, the project’s partners and founding shareholders, including banking giants Banco Santander and Credit Suisse, founded the company, Fnality International to spearhead the initiative.
While the project hoped to launch the digital currencies in 2020, Fnality International officials now say it is still awaiting regulatory approval. The company now hopes to get the green light in the first quarter of 2021. In the interim, Fnality has been building technological know-how according to International Chief Executive Rhomaios Ram.
Cory Johnson, a journalist who worked as Ripple’s chief