Ripple is taking steps to obtain a banking charter and access a Federal Reserve master account. This may lead to significant changes in the crypto industry and traditional banking.
Pursuit of a Banking Charter
Analyst Vincent Van Cod reports that Ripple is applying for a banking charter and access to a Federal Reserve master account. This would make Ripple the first crypto-native institution capable of operating like a full-service bank.
Opportunities for Customers if Successful
If Ripple receives approval, it could allow the company to hold reserves directly with the Fed and offer banking services, including deposits and payments, integrated with both fiat and cryptocurrencies. Van Cod also notes the potential for lending money using XRP or other crypto assets as collateral.
XRP Price Outlook Amidst the News
Despite these optimistic developments, XRP's price remains in the $2.00 - $2.50 range, leaving many traders waiting for signals to trigger the next move. If Ripple successfully realizes its ambitions, it could serve as a significant catalyst for changing the perception of cryptocurrencies within the traditional financial realm.
Ripple continues to expand its horizons, seeking to launch banking services, which could significantly alter the cryptocurrency market and the position of XRP.
