According to the president of RippleNet, Fintech companies are ready to take over the old finance. RippleNet Managing Director Asheesh Birla expects fintech firms to emerge as serious competitors to traditional banking institutions in 2021.
Birla goes so far as to predict that a cryptocurrency company may soon acquire a former financial institution:
“The tide continues. We may even see a fintech or cryptocurrency company buy a traditional financial institution in the next year. ”
More editing clarity
According to Birla, this will be achieved with the help of stronger regulations in this sector, according to the manager.
Stu Alderoty, Ripple’s General Counsel, claims that regulating cryptocurrencies will be a key issue for Biden management:
Intelligent, well thought-out arrangements, effectively communicated and uniformly implemented, can help level the playing field and unleash innovation. These moves could help adopt more mainstream in the US.
After years of calling out for regulatory clarity, Ripple was sued by the Securities and Exchange Commission in December.
According to FOX Business reporter Charles Gasparino, Biden’s SEC presidential election, Gary Gensler, has signaled that his agenda will include special-purpose purchasing companies (SPAC), fintech companies and cryptocurrency abuses.
Breaking Ethereum’s dominance in DeFi
In addition to taking over traditional funding, Ripple has an even more ambitious goal. Breaking Ethereum’s dominance in the decentralized finance industry.
Ripple’s DeFi Chairman Michael predicts that the second-largest blockchain will lose at least a quarter of its value deployed on different protocols to other blockchains:
I believe that by the end of 2021, at least 25% of the value distributed in DeFi will be on networks other than Ethereum.
By adding smart contracts to Flare, XRPL, tokenization, and decentralized exchanges, XRP can hold an important place in the DeFi space.