07-17-2020 icon

Ripple to Offer Decentralised Finance Services

By calvin
decentralised finance services

In a recent interview with BlockDown TV, the CTO of Ripple stated that digital payments is working on new ways to offer decentralised finance services to its partners. 

CTO Speaks on Ripple and Decentralised Finance Services

David Schwartz, the chief technology officer of Ripple believes Ripple has the capacity and structure to offer new services in the decentralised finance space. He hopes for services to be offered through RippleNet.

According to Schwartz,

“We’re also looking into offering other services through RippleNet – things like loans, or maybe even if DeFi grows, offering DeFi services to institutional partners.

One of the unique things that Ripple has is we have our software in the transaction flow of all these financial institutions and banks, so we can develop some new product or services, or even something that comes from the DeFi space, and we can offer it immediately right into the transaction flow of those institutions.”

The rise of programmable money has gained popularity as a breakthrough for cryptocurrencies as more people become aware of the diversity of assets and use cases in the cryptocurrency sector.

Decentralised finance has gained popularity over the years as more developers join the movement to create more suitable financial structures to promote democratic systems. Among the top players in the space are Cardano and Ethereum. Both organizations have been able to create blockchain-based solutions for different industries which help to promote transparency in everyday activities. 

Stiff Competition from Cardano and Ethereum

The next stage of the blockchain project, Cardano is fast approaching and its founder is confident that the community will understand why Cardano is a lot better than Ethereum 2.0 in different ways. According to the founder, Charles Hoskinson, the team is working day and night on the next phase of Cardano’s mainnet (Shelley). 

It remains to be seen what Ripple has in the works to counter the significant progress made by Cardano. Like Ripple, Cardano has a lot of solid partnerships. However, Ripple appears to have a wider network of relationships with traditional financial institutions.