It looks like big money is starting to wake up to cryptocurrency. 10 major banks, including one I used to work as a teller for, are making their own cryptocurrency. This is a big deal as it is no longer a start-up raising capital but an established financial institution who is making the coin. That means they have the money and the reach that new companies may not have. This will be a big threat to other coins that want to compete and I see Ripple being the main competitor.
It is a smart move for the banks to use a cryptocurrency, it would cut the cost of fees dramatically on a global scale. That was why I thought ripple was a good investment as they would fit a need the banks would surely have. But if they make their own solution, I do not know where the coin will go.
According to the article this coin would also be exchangeable for cash at the bank itself which would be quicker to cash out than bitcoin or ethereum. This would definitely make crypto mainstream but how much would it hurt the other coins?
We will have to see what change this will have.
Here is the article for more info:
https://sputniknews.com/business/201709031057049475-new-cryptocurrency-banks/
