XRP is For banks and banks Will Die

The existence of banks coincides with the creation of coinage. The first banks were usually the spiritual centers - i.e. temples. It was only in Roman times that this function was removed and separated from religion, and placed in its own distinct category of business. Over time, banks have evolved, creating new forms of credit and debt, along with modernization of the instruments themselves.

However, with the recent innovations in blockchain technology and smart contracts, some people wonder if banking functions may potentially be completely dis-intermediated or automated in some way.

Even if banking does change dramatically, this will take time given the regulations in place in various countries. Banks continue to have a sizable base of retail, business, corporate, and governmental customers that will continue to need their services. They handle dozens of compliance functions for governments and jurisdictions. In addition, the changes that will take place in banking may be divided realistically between retail banking and other sectors. Retail banking may transform and change over time, but it's really semantics whether we call these new services 'banks,' since they will still be a centralized third party with counter-party risk for the customer.

No matter the outcome for banking, the long-term implications of blockchain technology will not change the fact that cross-border transfers of value will still be needed; XRP's core function is to serve as a bridge asset between currencies. This will continue to exist no matter what form banking takes, five, ten or even twenty years from the current date.

Sources: https://www.investopedia.com/articles/07/banking.asp https://wirexapp.com/banks-exist-still-need/ https://www.compliancealliance.com/laws-regulations/federal-bank-regulations