Foreign media reports that Uphold, the president of the digital asset platform Nancy Beaton, stated that traditional banks and the financial system are gradually shifting towards blockchain infrastructure. The key to driving this change is not the performance of individual token prices, but rather the cooperation capabilities between platforms such as Ripple and Uphold.
Moving from retail wallets to institutional interfaces
Beaton Introduces that in its early days, Uphold mainly focused on retail wallet services, allowing users to buy, sell, hold, and trade digital assets on the platform. Today, the company is shifting its business focus towards API infrastructure for corporate and institutional clients.
She stated that this model allows banks and financial institutions to directly access the technical capabilities of Uphold to provide digital asset services to their own customers, without having to build an entire system from scratch.
Continuing cooperation with Ripple
Beaton indicates that Uphold has always maintained cooperation with Ripple and XRP Ledger. She also mentioned that the recent collaboration partners on the enterprise side include Flare and Firelight, with the goal of providing financial institutions with a more complete path for accessing digital assets.
According to her, the adoption of blockchain by banks is not just about adding a new category of assets; more importantly, it involves integrating services such as accounts, transfers, custody, and earnings into existing financial processes.
The core selling point is efficiency.
Beaton believes that the main driving force behind blockchain's integration into the banking system is efficiency, rather than speculative demand. She compares current on-chain transfers with traditional cross-border remittances, stating that in the past, international remittances usually took two to three days to settle, and the fees could reach up to 10%.
She stated that nowadays, with the help of blockchain networks, cross-border transfers can be completed almost in real-time, and the costs have also significantly decreased. In some scenarios, only very low fees are required.
XRP Ledger The advantage of taking the initiative in betting
Beaton believes that XRP and XRP Ledger, having entered the relevant markets earlier, hold a first-mover advantage in the adoption process by banks. She predicts that in the future, transfers may become as routine as sending emails, and functions such as portfolio income distribution and crypto asset collateralization may also be more naturally integrated into financial services.
Additional information:This report mainly reflects the views of the management of Uphold on the blockchainization path for banks. The judgments in the article are based on statements from respondents, and no specific list of bank clients or the scale of new collaborations has been disclosed yet.
