The report is called “Banks unlikely to process payments with distributed ledgers, for now, says Ripple.”
The report discusses the Ripple technology adoption
It includes discussions with two leaders of the company about the adoption of Ripple’s technology.
“Banks are unlikely to use distributed ledgers to process cross-border payments for now because of scalability and privacy issues, according to Ripple, one of the most prominent startups developing the technology.‘I will concede, we haven’t gotten there yet,’ Ripple’s chief cryptographer David Schwartz said in an interview,” the report reads.
This statement coming from Schwartz comes after various comments made by Ripple CEO Brad Garlinghouse. “I’ve publicly stated that by the end of this year I have every confidence that major banks will use xRapid as a liquidity tool,” he told CNBC on June 4th.
“By the end of next year, I would certainly hope we’ll see an order of magnitude – dozens. But we also need to continue to grow that ecosystem, grow that liquidity and it all comes back to if we’re solving a real problem for real customers.”
The report also includes comments from Marcus Treacher, Ripple’s senior vice president of customer success.
He says that they started out with the classic blockchain and the feedback from the banks is that you cannot put the whole world on a blockchain.
The report sparked intense debate on Reddit
The report got posted on the Ripple subreddit, and it managed to spark a debate.
Some Redditors are claiming the comments included in the report from Reuters are outdated.
“Quotes from interviews years ago when they were still working on Software. People are sheep aren’t they,” said someone.
“Nope. These are fresh quotes it seems. Anyone can copy them into google search and verify that” a Redditor responded.
You can read the complete comments here.