Bearish news for XRP
XRP is a pre-mined "bankers" coin and supposed to be used for international settlement. Ripple, the company that released XRP and still owns the majority of XRP, has a long list of collaborations and partnerships with banks. This long list was probably a major reason behind the substantial rise of XRP price in the last part of 2017 and early 2018, gaining a whopping 13800 % in 2017.
Unfortunately for XRP holders, two of the biggest players in international banking, CITI and Credit Agricole, together with accounting giant Deloitte, have acquired a stake in blockchain company SETL.
According to the press release:
"Citi and Credit Agricole, join Computershare, S2iEM and Deloitte as shareholders in the company.
SETL was launched in July 2015 to deploy a multi-asset, multi-currency institutional payment and settlements infrastructure based on blockchain technology. The SETL system enables market participants to move cash and assets directly between each other, facilitating the immediate and final settlement of market transactions. The SETL system maintains a permissioned distributed ledger of ownership and transaction records, simplifying the process of matching, settlement, custody, registration and transaction reporting."
Given the combined might of these shareholders the future of Ripple and XRP seems to have taken a turn for the worse.
Congratulations @hensy! You received a personal award!
Click here to view your Board
Congratulations @hensy! You received a personal award!
You can view your badges on your Steem Board and compare to others on the Steem Ranking
Vote for @Steemitboard as a witness to get one more award and increased upvotes!