According to Wall Street Journal, companies such as Coinbase, Circle, Bitgo and Paxos are preparing to break the current financial structure and turn to new service areas. This development points to changes in the dynamics of the market.
Ripple news
Former senator candidate and XRP -friendly lawyer John Deaton expressed his astonishment that Ripple’s not to be on the list. Deaton said that developments in the field of crypto can prepare the ground for important transformations in terms of competition with traditional financial institutions in the future.
John Deaton: “Ripple’s not involved in the bank license application process, amazing the efforts into consideration.”
The information specified in the WSJ report argues that the relevant companies will enter the regulatory approval processes for banking services. In this process, the relevant companies can aim to achieve the opportunity to carry out banking transactions in addition to existing financial services.
Ripple developments
Hidden Road, which operates in the field of crypto, received the approval of the Financial Industrial Regulatory Authority (FINRA). Following the approval, the company is expected to develop a fixed income premium mediator platform and provide various financial services within the framework of regulatory harmony.
While Ripple continues to work in the financial sector with payment services, it may have postponed the bank license application due to the ongoing legal process.
On the other hand, Ripple official Cassie Craddock said that XRP Ledger will strengthen Hidden Road’s infrastructure after the procedure.
Cassie Craddock: “XRPL will support the sector by supporting Hidden Road’s postponement infrastructure.”
The trend observed shows that the companies in the sector are not limited to crypto services, but also try to expand their roles in the traditional financial sector. This may also be decisive for the future strategies of regulatory institutions and market actors.
In the news, the steps of the actors in the sector to increase the competitiveness of financial services and the effects of legal processes are considered neutral. These developments bring about regulatory approvals of innovations in the field of crypto and expectations that they will be shaped within the framework of the current legislation.
Responsibility Rejection: The information contained in this article does not contain investment advice. Investors should be aware that crypto currencies carry high volatility and thus risk and carry out their operations in line with their own research.
