Community expectations have long been that banks would adopt XRP, but the reality has been disappointing
In the middle of a tough year for cryptocurrency-focused payments, Ripple’s CTO David Schwartz has recently taken to Twitter to debate with community members why banks have been hesitant to accept XRP as a bridge.
Schwartz explained during last week’s discussion with a Ripple community member that Ripple is facing several obstacles which led to banks’ reluctance to use XRP to resolve cross-border transactions.
“Regulatory uncertainty, last mile problems, fear of reprisals from existing partners,” Schwartz wrote he sees concerns like avoidance of widespread adoption.
He also claimed that the banks’ hesitancy to implement XRP on a broad scale is because the product is very new and it takes some time to gain the right momentum.
According to Cointelegraph.com, Paypal did not include XRP in its list of cryptocurrencies it would offer, and the company is facing an intellectual property lawsuit in Australia over its “PayID” branded payment standard.