Blockchain Industry Review by IdeaFeX Q1 2019 part 05 — Financial Sectors

In Part 05 of our Quarterly Review, we cover the DLT industry in financial sectors.

Banking
• Banks were among the most active to try PoCs. As very few DLT-based systems are in production, it appears that banks are becoming disillusioned.
• XRP in particular has a few news:
o The Euro Exim Bank is now using Ripple to provide financial services for export and import companies as far as cross border settlements are concerned.
o Ripple invested 15MCHF in a swiss producer of physical wallets (Tangem), as it has identified it as a key element to promote the usage of cryptocurrencies and XRP in particular.
o One argument often quoted is that even if the Ripple closes as a company, the XRP network just carries on – SWIFT cannot say the same.
• Jerry Yang, co-founder of Yahoo (and arguably, an influencer) described blockchain as a “natural technology for banks and trading”. He predicted that “If you look at U.S. institutions and banks, the kind of infrastructure that is being developed has long-term implications. For the technology to succeed, the question is can there be trust built? That can open a huge number of doors.”

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