Ripple continues to scale: Banks of Germany

Ripple continues to scale, actively gaining momentum in the field of international transfers. Ripple technologies are extremely reliable and of high quality. Many companies implement Ripple projects, noting their high efficiency and contributing to significant commercial success, as well as customer satisfaction. Experts also highlight Ripple’s ideas, emphasizing their relevance to modern realities, while traditional systems are outdated and malfunctioning. Further success and promotion of Ripple depends on a number of factors and events. So, 40 German banks have applied for a storage license and other services, including those related to cryptocurrencies such as Ripple XRP.

ripple xrp 2 - Ripple continues to scale: Banks of Germany

Ripple continues to scale: Banks of Germany

40 licensed banks in Germany have applied for a storage license and other services related to cryptocurrency such as Ripple XRP. According to German government sources, well-regulated cryptocurrencies should be a competitive advantage in Europe. Events are also related to the entry into force on January 1, 2020 of the fifth EU Directive on combating money laundering (AMLD 5). As a result, member states of the European Union should consider cryptocurrency providers as mandatory, in accordance with the provision in the directive.

In accordance with the law on implementation, in Germany all cryptocurrency exchanges that offer custody services to their customers, that is, they provide a wallet, are required to apply for a license from the Federal Financial Supervisory Authority (BaFin). At the same time, banks that need to create an additional subsidiary to provide services are granted a license to provide services related, in particular, to Ripple XRP. Cryptocurrency services are legally no different from trading stocks or bonds. According to the German publication Handelsblatt, BaFin has already received 40 applications from licensed banks for a license for storage and other services, including those related to Ripple XRP.

A complete list of banks is not yet available. Only one of them is known, namely Solarisbank, founded by Solaris Digital Assets to provide cryptographic services. If the application for the license is approved, the German bank Solarisbank will be able to store Ripple XRP and not only on behalf of its customers. The representative of the financial institution noted that the bank has been working on the topic of crypto protection for a year and a half. Solarisbank is convinced of the future potential of digital currencies. Digital assets will fundamentally change the financial market. When it becomes easier to store and buy, in particular, Ripple XRP, in Solarisbank expect significant growth.

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