Blockchain start-up Ripple has expressed confidence that US banks and other financial institutions will adapt XPR cryptocurrency in their cross-border payments.
This came after the landmark ruling that determined the tokens were not necessarily a security.
The San Francisco-based firm also aims to start talks with the American financial firms about using its on-demand liquidity (ODL) product, which uses XRP for money transfers, in the third quarter, CNBC reported.
XRP is the fifth largest cryptocurrency with a market capitalisation of $37.8 billion. Ripple uses it to transfer money across borders. ‘
The company has been at loggerheads with the US Securities and Exchange Commission (SEC) for the past three years over allegations that the firm and two of its executives conducted an illegal offering of $1.3 billion worth via sales of XRP.
Ripple however disputed the claims, insisting XRP cannot be considered a security and is more akin to a commodity.
BoA Trains New Hires In Metaverse To Deal With Robberies
Bank of America (BoA) is using a hybrid of artificial intelligence (AI) and virtual reality (VR) metaverse to train new staff in anything from dealing with irate clients to bank robberies.
The bank’s 2,000 new hires go through a week-long training regimen that includes donning a VR headset to practise responding to a variety of simulated events, according to July 13 Bloomberg report.
The VR scenarios range from everyday ones, such assisting a disgruntled customer or questioning one who requests a huge sum of cash, to extreme ones, like a full-fledged bank robbery.
The new trainees will also unwind in virtual reality by relaxing on an island or riding a unicorn.
Mike Wynn, the innovation and design executive of the BoA’s Academy, told Bloomberg that the training is advantageous, as these scenarios are “difficult to teach traditionally.”
“VR creates anxiety, it gets your heart rate up. It makes you nervous,” he added.
SEC Appeal Unlikely In Ripple Case, Says Haun Ventures CEO
The chief executive of Haun Ventures, a venture capital fund with a focus on cryptocurrencies says she would be “surprised” if the US securities regulator immediately appealed the Ripple case verdict because it now benefits from a lack of “legal clarity”.
Katie Haun, CEO, Haun Ventures, said that an immediate appeal could potentially jeopardise the SEC’s “entire enforcement agenda” if it ends up losing.
Judge Analisa Torres granted a partial summary judgement in favour of Ripple Labs on July 13, 2023 regarding the classification of XRP as a security,
A few analysts at the time forewarned of the likelihood of an SEC appeal.
In contrast, Haun noted in a thread on Twitter on July 15, 2023 that US SEC will probably remain silent since it profits from the “current confusion” and that losing an appeal might jeopardise its future enforcement actions.
