Crypto Expert Panos Offers Crypto As Substitute To Banks

On the afternoon of September 17, Anodos Finance founder Panos tweeted about the significance of blockchain-based financial services. According to the founder, banks and monetary establishments staying closed on the weekends pose major challenges for individuals and businesses, including an unmonitored window to manipulate markets, “making it impossible to conduct many financial transactions during this period.”

It’s Sunday. Almost all markets, banks and services around the world are closed. In today’s interconnected world, this is a big problem for both individuals & businesses, and also offers banks an opportunity to manipulate markets. Here is how blockchain solves this. [1/16]🧵

— Panos 🔼{X} (@panosmek) September 17, 2023

Panos noted that banking and market closures cause disruption of cross-border payments, including delays resulting in significant financial losses for businesses. Similarly, individuals relying on funds provided by relatives employed overseas face serious challenges in the face of urgent expenses. Acknowledging the effect on the financial markets, Panos said,

With no trading in most markets like stocks or forex and no activity happening during the weekends, banks can exert undue influence on the market. They can release news or take positions before the markets reopen on Monday, potentially causing fluctuations in prices that can be advantageous to them and disadvantageous to retail investors.

While Panos claimed that banks can leverage this monopoly for their own financial benefit, he suggested blockchain and crypto as the best possible solutions. He adds that since blockchain and crypto markets operate all year round at all hours of the day, transactions can be processed beyond time restrictions. Panos pitched Ripple’s XRP as a major market player offering this solution.

However, legal challenges posed by the U.S. Securities and Exchange Commission (SEC) have forced Ripple’s CEO to label the US as the “worst nation” for a crypto launch. In a recent interview, CEO Brad Garlinghouse stated that in 2023, the company’s primary hiring focus would be on countries outside of the United States, accounting for over 80% of its recruitment efforts.

Ripple is taking some major leaps to revolutionize decentralized finance (DeFi). Neil Hartner, a senior staff software engineer at Ripple, recently unveiled the concept of single-sided deposits within XRPL’s AMMs that could enable users to provide liquidity to pools, even when they lack one of the required assets for a specific pool due to access restrictions. Hartner explained that users can engage in single-sided deposits and withdrawals from the pool as long as they possess one of the required assets, with their participation being limited to the assets they are authorized to hold.

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