“The Reason Banks are Not Using Ripple” James Sangalli

Richard M Adrian by Richard M Adrian - 07:47 AM Sep 16, 2019


Since inception, Ripple has been making efforts on how as many banks as possible could adopt its XRP token. The crypto community has been debating this major trend and speculating how a bank adoption of Ripple could play out in favor of cryptocurrencies.

 Meanwhile, while banks have been passionate to implement Ripple’s new and innovative payment solutions, for instance xCurrent; they have been hesitant from XRP, especially due to privacy. Hence, the deals and partnerships that Ripple could forge with banks might not seem real from the inside.

A post shared by James Sangalli on his medium publication; attributes the reasons to banks averse to an XRP base currency; yet they are using other payment options and services created by Ripple. 

Privacy Issues

The privacy issue is hot. For instance, while a bank could integrate XRP in cross border transactions; these transactions are not made private, hence competitors could easily keep track of a bank's transaction volume and activity. Which bank would not shy away from this situation? Especially, if it's a big financial institutions with lots of high-end customers.

Cost Comparison

However, the cost of using XRP when it comes to banks in contrast to other alternative currencies, is high. XRP is actually cheaper and faster than traditional mediums that the banks have been using; however, that doesn't mean they aren't other better alternatives besides xRapid and XRP. In the article, James mentions R3’s Corda platform as one of the cheaper means in comparison to Ripple. Additionally, with these alternatives, comes the benefit of keeping transaction deals private.


James amusingly recounts working as a blockchain expert in a big bank in Australia. However, he notes that the employment of blockchain experts in majority financial institutional is usually a PR stunt to impress investors. Despite the fact that banks might seem friendly and welcoming to blockchain innovation, deep inside they are working hard to stifle this development.

About The Author
Richard M Adrian

Richard M AdrianBlockchain Analyst with a demonstrated history of working in the writing and editing industry. Skilled in WordPress, Editing, SEO Copywriting, Copy Editing, and Blog Marketing. When I am not writing, analyzing bulls/bears - I will be listening to music, reading a thrilling novella or hiking. Email me at Richardmadrian@gmail.com - And we could talk about anything - business or dragons.


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