Yesterday, Ripple announced that it would be helping the National Bank of Egypt further develop financial infrastructure to aid in processing remittances. The Egyptian remittance market has grown to $24 billion, and the bank said it aimed to access “cheaper, quicker and more reliable” payments. At the time of the announcement, it wasn’t clear if the bank would rely on XRP in liquidity movement.
“While some are focused on whether or not cryptocurrency will be used in the processing of assets, I think it’s important to consider the big picture. We’re talking about a country with a very high volume of remittances. The largest bank in that country is working with a company that is best known for developing a cryptocurrency. And, that country hasn’t always been the friendliest to digital assets. Those three facts, combined together, is huge,” said Richard Gardner, CEO of Modulus, a US-based developer of ultra-high-performance trading and surveillance technology that powers global equities, derivatives, and digital asset exchanges.
“Rome wasn’t built in a day, and it isn’t reasonable to think that any country’s regulators are going to suddenly change policy directions overnight. The key to this industry’s long-term success is to make inroads with decision makers. Show them the power of the blockchain. Show them how digital assets can actually help them solve problems within their jurisdiction. Show them how fostering a culture of innovation could help them build a thriving tech sector. Show them that, as an industry, we’re completely invested in working with them to stop financial crimes, putting an end to bad actors and their collective chicanery,” said Gardner.
Modulus is known throughout the financial technology segment as a leader in the development of ultra-high frequency trading systems and blockchain technologies. Over the past twenty years, the company has built technology for the world’s most notable exchanges, with a client list which includes NASDAQ, Goldman Sachs, Merrill Lynch, JP Morgan Chase, Bank of America, Barclays, Siemens, Shell, Yahoo!, Microsoft, Cornell University, and the University of Chicago. Notably, Modulus recently filed for a patent on its Exchange Trust Score System, a revolutionary solution which aims to restore trust in financial exchanges, particularly those dealing in digital assets and cryptocurrencies, and giving regulators an additional tool by which to gauge the integrity of an exchange.
“With relatively few exceptions, most countries and regulators are bumbling through ‘what’s next.’ Not because they want to and not to stonewall the industry. For most, the law just hasn’t caught up with technology. That’s where we, as industry advocates come in. It’s time for us to work with the regulators to try to build a system which rewards innovation and punishes those who would engage in criminal behavior using our technology. This relationship that Ripple appears to be building — it seems like it could be a bridge to help those in Egypt’s financial sector better understand the awesome power of these emerging technologies,” said Gardner.
