The Currency Analytics
By Steven Anderson
Ripple (XRP) Making Financial Inclusion Possible
One of the Digital Payment Tech Enthusiast opined, that the only way to win the unbanked and dominate that market is to blend with GSMA network. They are ahead on digital identity.
Further stated, that the unbanked populations do not care on financial markets and that’s a fact. They already have market resources and products for over two decades.
At RippleSwell day two, WEFs Sheila Warren discusses why mass adoption of crypto is hindered until there is progress towards solving for digital identification.
Sheila Warren, Head of Blockchain Data and Digital Assets at the World Economic Forum stated, we have not yet really solved any problem. This is a huge issue.
This is the reason for why a lot of activity has been relegated to bank to bank settlements and things like this, but the identity question is not critical, because they are…
But as we really move to the unbanked or underbanked. There are some threshold questions. One is the goal to get some of these people in to the traditional system or not.
Sydney Ifergan, the crypto expert tweeted: “Ripple (XRP) are very clear about where they are strong and where they lag. They are trying to move mountains.”
It is well known that among the founding ideas for Ripple, it is to expand the global financial inclusion for everyone.
The fact is that the traditional financial system is antique, broken and the design is outdated.
The pandemic has led to an increase in the numbers of those without access to affordable financial services.