As much as digital currency enthusiasts would like to steer away from the banking system as we know it today, collaboration between both worlds will be quite important for the foreseeable future. Even Santander’s, Mariana Belinsky, seems to think along those lines. Any innovation in the Fintech industry will need some form of support by traditional financial institutions and Bitcoin – or Ripple, in this case – are no exception.
It is no secret that even major banks and finance groups will have to start rethinking their business model sooner or later. The traditional financial ecosystem is bound to get shaken to its core in the next few years, as developers from all over the world are working hard to bring innovation to the world of finance. Santander Innoventures, who recently invested in Ripple, are keeping all of their options open for now.
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It is no secret that major banks have a vested interest in the future development of blockchain technology. But as you would come to expect from a financial system where total control and centralised authorities play a major role, banks are not necessarily leaning towards Bitcoin. In fact, Santander InnoVentures – part of the Santander group – has pumped another US$4m into the Ripple ecosystem.