Ripple/XRP-JPMorgan&Goldman Sachs Join Crypto Gold Rush,ECB-More Control Of Crypto,US Treasury FSOC
Welcome back to the show everybody if we can stay above this 47 cent range that we're. Currently at right now we can have some serious conversations about some real upward movement for xrp price. We're going to get into that.
We're, also going to talk about some xrp escrow features, which is nice and jp. Morgan goldman sachs are becoming leaders in crypto. Oh my did you ever think it would be so i think it's. Official, the crypto gold rush is here right and the ecb is pushing for greater crypto control.
Oh, my oh my and if cryptocurrency in xrp is in fact a currency, and i do believe that it is where's. The us treasury's voice in all of this. Let's, roll this beautiful intro and find out here we go. This is digital perspectives with brad kimes subscribe for new content notifications.
Now here's, brad kinds come on in [, Music ]. Welcome back to the show you can follow me on twitter, at backup bradley above at the top of the screen and everything that we're talking about here today.
Let's, get into this from xrp crypto wolf. Thank you. My friend ripple building ripple net topology with topology library ripple developed. They can programmatically, create variations of ripple net. This allows them to test various network topologies and basically a library for developers right.
Every and all the different banks and customers and partners have different things that they want to make additions to once they get up and rolling with the software. They may want to do a discount for some kind of purchase or whatever and work that in into the program, they have all kinds of tests and back tested things for developers to be able to quickly get a hold of and put and implement.
So they can continue to iterate on top of the software being used. Now this is escrow is a feature of the xrp ledger. As we know, xrp is being held in escrow, but what they're talking about here is actually you and i or companies, businesses being able to escrow a certain amount between two parties that will allow you to have conditional contract.
Basically, it's almost like smart contract feature. I think it may be slightly different, but this nevertheless, you can see through the usage here user a has, let's say a thousand xrp escrow created account for 100 xrp user b.
Has the 20 xrp in the wallet as a minimum, as we know, and by the way i want to add to that thought that if we were to see a massive move in price, let's, say due to the synchronization and the releasing and Launching of central bank digital currencies off of a private fork of the xrp ledger, this in itself could send xrp absolutely parabolic.
Three four, maybe five figures i don't know but extremely high. I would imagine if that be the case, if we have to have 20 xrp in a wallet as a minimum. Doesn't that in fact, push things to a almost by default, like an accredited investor level of point of entry to have a wallet.
Otherwise you're, just holding drops of it just a thought, but here we see in the escrow feature here you can create. Let's say if they're going to award you 100 escrow between the party they set. It up they make it.
They lock up the escrow here when the task has been completed. Uh user b receives it and 120 now in the wallet receiving the 100 out of escrow, and it's done just like that. So this is, i think this is enormous.
We're, seeing all of these developments uh happening and the the user capabilities being expanded and it's. Just amazing. We already are well aware of the interoperability of the technology of the protocol itself, so it just keeps getting better now.
It keeps getting better on traditional legacy firms too jp morgan investment bank has bullish 34 blockchain job positions posted on its career site and many of them linked to jp coin payment system. Well that's.
Interesting. Do you suppose they're, hiring 34 blockchain job positions because they're, not going to be participating in crypto in the new financial system or the fourth industrial revolution? Goldman sachs digital asset leads uh.
Lead sees mergers ahead for crypto infrastructure providers. Goldman could face pressure to increase their cryptocurrency business lines with one obvious path: being mergers acquisitions to keep up with institutional demand.
Now listen! Let's hold up! Let's. Talk about this, so we have talked about this on the channel many many times before when you're in a nascent emerging market every so often you see these waves of mergers and acquisitions that happen, because the larger legacy firms come in and say You know what i really think you guys did a great job.
Building this we'll, just buy it instead of building our own right. How about we buy you, you you and you and the rest of you can go fishing because now we are that because we bought it, we don't have to build it, we just buy it because you built it and that'S what we're, getting ready to see here and funny enough goldman sachs is telling you they see a future of mergers happening well.
Why do you suppose that is because goldman sachs isn't going to miss the fourth industrial revolution and the new financial system, and they're going to come in and they're going to buy up a lot of These smaller companies in this space and say thank you for coming.
We'll, handle it from here uae's. First, independent digital banking platform launches - and this is interesting because it just shows that there's, a combination or a partnership rather between the actual banking system and what is to be neo banks, which are not physical branches.
They are not brick and mortar. They exist solely online in the in the ether right and basically it says it does not offer traditional banking services like loans and mortgages, but offers spending budgeting analytics and peer-to-peer payments and remittance services and bill payments.
We know that the middle east and the uae have been absolutely instrumental in pushing forward with the uh adoption of cryptocurrency in the banking and finance world. Here's, some more news remember when we covered this one.
Last week, banks turned away one of the largest banks, in fact, in germany, turning away its customers deposits due to the fact that the european central bank was insisting they imposed negative interest rates on their clients, [ Laughter, ], oh boy, and what did we say when We covered that.
What did i say on this channel? I said this is one of the biggest catalysts right here by the european central bank and believe me, the rest of the central banks of the world see the need to have a digital currency because they won & # 39.
T have to deal with the largest bank going hey, that's wrong and we're, not going to actually support that. We're, going to tell our customers to go somewhere else, because that isn't good. What you're, doing to them, which kudos to the big bank for giving the customers the nod and saying hey you don't want to do this here.
They're, going to take some of your money. I get it, but here's. The thing central banks around the world have seen this moment take place, and here is the ecb's. Response to that. The european central bank, which oversees 19 countries in the euro, says um.
We're, going to push for greater crypto asset powers and if you get down into it, you can see right here. The european central bank is seeking a greater role in supervision of crypto assets according to a document published by the regulator in february.
In response to a request to the european council in parliament, the ecb published an opinion and proposed regulation of crypto asset market. The regulator argued it should have. The final word on whether stable coins should be given that go ahead for issuance.
If you don & # 39, t see that they are clearly acknowledging okay, we see what the bank in germany did. They don't want to play along and follow the rules that we just put in place. Let's, release our digital dollar and we'll, just take it.
How'd that feel you put 100 100 bucks in the bank. They do a three percent negative interest rate tomorrow morning. You wake up, you got 97 and no one to talk to about it. That's. Where we're going. Hsbc moves, quarter, enterprise, blockchain technology, on to google cloud.
Now we're getting somewhere out of the storm and into the light stay with me. Hsbc has become the first financial institution to move software firms r3's, blockchain platform quarter. Enterprise onto google cloud here's.
What it means this will decrease their customers onboarding times from months to weeks, improving the client experience and significantly reducing cost. Oh, we're, not done yet. The bank currently uses r3's, core of technology for digital vault, hsbc's; custody blockchain platform.
It's at this point. Before i read on any further, i tell you that if you're new and you're, not aware r3's, corda platform, which is used for their clients to build onto also offers the corda settler, which is a Payment option platform, which gives you access to a digital token xrp for settlement of payment, if you so choose.
Moving on the cord of technology to the google cloud gives hsbc, which is a ripple partner as well the opportunity to move more of the transaction lifecycle onto the ledger in the future. The bank will also be able to issue digital tokens instead of paper certificates.
Are you hearing this r3's quarter platform enables businesses to transact directly and privately using smart contracts, reducing transaction and record-keeping costs in streamlining business operations.
Ladies and gentlemen, it is happening right before our eyes. Oddly enough, all of this good news with banks and payment systems and clouds, and all of this stuff, that's taking place that's, so amazing is just so happens to be taking place, while you and i, the u.
s retail investor - Are more handicapped and more restricted from getting xrp than we ever have since its inception? Chew on that one now here's, why it's so important to understand the google cloud you know last year, lawmakers actually made a push to deem cloud services like microsoft, azure and google cloud and amazon web services as systemically important, Which is a designation that has to come from either the us treasury and the federal reserve alike you can't make this up.
Are you following me here? Did i lose anybody? Hsbc and r3's, blockchain platform quarter? Enterprise are now on google cloud. It's. At this point. I also remind you that google ventures is a seed investor in the ripple.
You know these cloud services because they are non-bank. Institutions really have made the argument from lawmakers that they need to be deemed systemically important. According to the u.s treasury's, regulatory division, the financial stability oversight council known as fsoc.
They used four criteria to see if they in fact should be deemed systemically important to the financial system. Look at these little outlines here and ask yourself, while you're. Looking at these four little points test points here, i want you to imagine in your mind, ripple net being a cloud-based enterprise with governance and compliance built in for settling payments on a new financial system and think of the xrp ledger itself right.
While we read these four qualifications and ask yourself knowing that the xrp, ledger and ripplenet are designed to be able to handle the world settlement of money and tokenized assets for the world, see if any of these things fit for those the aggregate monetary value of transactions, It processes its relationship with other financial market utilities, like you know the depository trust clearing corporation dtcc or the cls the effect that a failure or disruption would have on critical markets and financial system at large.
You know if the odl went down. Ripple net went down, it would be detrimental wouldn't it. If the ledger sum for some reason went down, that would be detrimental. Wasn't it. It is about all the money, the exposure of the company to its counterparties.
All of these things being intertwined because you can't, have a system without having interoperability and exposure to other people. On the network, like i said, if xrp is a currency, and i have always believed that it will, even though we & # 39, ve entertained the notion that it could be a security and still function and believe it it could happen.
We've, been over really ad nauseum and we & # 39. Ll have to wait to see what the court says and gary gensler, because gary gensler has been completely casual about the idea that xrp is in fact a non-planned security and the sec in its lawsuit says.
Not only was it a non-implied security back in 2013, but it is even still today so that's, the claim. Okay, now looking at the u.s treasury site, i have talked about this quite a bit here, but r3 blockchain has just moved everything onto google cloud working with hsbc here this to me is now pushing the conversation even further that the blockchain payment networks, the distributed ledger Technology like the xrp ledger and the ripple net enterprise system that's been developed in fact, should be overseen by the us treasury as systemically important.
What are some of the other things that have been deemed systemically important, and this is the definition here brought to you by the dodd-frank rule or act that was introduced several years ago around the last crisis.
But you see that clearinghouse payments company llc is on the list. Cls bank international is on the list also believe working with ripple. My memory served me correctly: the chicago mercantile exchange, depository trust company, which has been piloting, distributed, ledger and tokenization with the whitney ion project.
Certainly believed that xrp is tied into that somewhere, i can't prove it, but i do believe it and ice clear credit which is tied into a settlement for the new york stock exchange and the international continental exchange which owns the parent company of The new york stock exchange itself, so you can see these are just some of the entities that already have systemically important designations because they are financial market utilities or financial market infrastructure.
That, in fact, is systemically important to the financial system and it cannot uh be allowed for it to fail or go wrong in any way. So once it has a designation like that, it would be held to a heightened supervisory provision and prudential under title.
Eight of the dodd-frank act - this to me, would be the best outcome in my eyes for xrp. Now again, as brad garlinghouse had said, who recently appeared uh on axios hbo and i covered that, and you can see that in the uh other video released today and see that full clip.
But he basically just goes on to state that you know. In fact, xrp would continue to go if ripple went away. They believe xrp is in fact a currency, not a security right, so we will see where this goes, but i think it's very interesting to me that we have not heard from f sock on these on the matter of cloud-based systems yet or The new introduction of payment systems that have true use case like r3's, blockchain or xrp ledger, and things of that nature that have actually proven to have these deep relationships with banks.
I also remind you, r3 and corda are almost at a hundred percent adoption with italy's, banks uh with intra bank uh uh reconciliation, so that's, a phasing in there as well. This gets more interesting by the day.
What we don't yet know is what the outcome of the sec lawsuit will be, even though it does really suggest where things are today. The case is weakening very, very much for the sec that it could. It does suggest that we would see some kind of settlement uh, summary judgment.
We just have to figure out what that's going to be, and when we do get that settlement, what takes place from there, because i would expect to see some kind of settlement that would have put this to rest for the rest of time And everyone can go back to uh, doing business of mass adoption and actually getting to benefit the sophisticated financial institutions and the central banks actually being able to use it for settlement and get the benefit of the new digital asset xrp in the system.
So that's, where we're at on that day, now here's, just a note here where it says price is looking up. This is, i tell you, i've. Seen i covered yesterday like four three or four different people that do technical analysis that are pointing to some real price movement in the near near term, and i the reason i showed three or four different technical analysis.
People is because there's, that many people agreeing that the the indicators are there now, whether the charts play out and the fundamental news unfolds in a manner that supports it. All we're going to have to watch and see if it stays true and comes to fruition.
However, i do like the part here down at the bottom, where they break it all down and say collectively the xrp price rally is expected to spike any time from now. Also, once the ripple sec lawsuit is settled, the xrp price is expected to hit higher levels.
Maybe above one dollar and some are suggesting in the 10 to 13 dollar range. Certainly the double debit digit range, so we'll, keep an eye on that. That's going to do it for me before i get out of here.
I reminded you nfts.cryptos: they are releasing second week here, a brand new category that has never been offered. It is travel and transportation travel.com. I believe, back in the day in the dot-com era sold for more than 30 million dollars.
I believe it was, and my memory serves me correctly now - i'm, not suggesting it'll sell for that price today, but dot cryptos have more utility than the dot-coms did. So i don't, know what it'll sell for or if someone's already bought it.
But i'm, going to keep an eye out on it and don't you. Let me get a chance to get it, because if i do it's going to be worth it's, going to cost a lot to get it from me. I can tell you that that is for sure - and this is clinton donnelly reminding all of us myself included and there's.
Links in the description comment section for all of this stuff, including clinton, crypto tax picture, says operation. Hidden treasure is a partnership between the civil office of fraud enforcement and the criminal investigation unit to root out tax evasion from cryptocurrency owners.
[, Music ], i'll. Let you make your own decision, but i'm, going to play it on the up and up and clinton donnelly's, the guy for the job. No doubt about it, i will catch all of you on the next one.