Ripple May Secure A Banking License And Transform Into A Full-Fledged Bank
The post Ripple May Secure A Banking License And Transform Into A Full-Fledged Bank appeared on BitcoinEthereumNews.com.
Greg Kidd is drafting a digital-only bank license enabling Ripple to be a certified bank. Ripple is already aligned with major banking systems, and it strives to enhance cross-border payments. Ripple and the SEC submitted a settlement motion together, and attorney John Deaton stated there is a 70% chance of approval. A former U.S. congressional candidate and an early investor in Ripple, Greg Kidd, has announced a new project intended to transform the conventional banking system. In a speech at the XRP Las Vegas 2025 conference, Kidd noted that he is working on a special kind of bank charter for digital-first companies. The proposal would assist companies like Ripple in accessing a banking license without having physical branches or lending businesses. During an interview with journalist Eleanor Terrett, Kidd pointed out that the suggested charter would confine itself to deposit-taking and payments. The framework is supposed to reduce the entry points of fintech companies, remittance services, and even large retailers that want to transact in the banking space. Although Kidd emphasized that he was not representing Ripple, the charter could offer a realistic entry point for blockchain companies and others into regulated banking. Kidd, the co-founder of Haka Yaka Ventures and the owner of Vast Bank, seeks to break the monopoly of the old-guard financial system. He said the new charter would permit greater competition and renew a system that runs on inclusion and innovation. Digital Banking as a Public Utility Kidd maintained that the cost to send money should be nearly free, and with blockchain-based transactions being quicker and cheaper, it will be. He highlighted that the XRP Ledger already enables payment processing with near-zero cost, and the high fees of the traditional financial system are a relic of the past that are not needed anymore. He compared payment…
Filed under: News - @ June 15, 2025 8:08 am