Brand New Wells Fargo Report Classifies XRP As A CurrencyAugust 14, 2022 6:56 pm
Major bank Walls Fargo just released a brand new report that confirms what its current views are for the multiple digital assets that exist today.
One of the most impressive things that it included in its report is that it classifies XRP as a digital currency alongside Litcoin and Bitcoin Cash.
This is contradictory to what the SEC has been claiming in the recent Ripple lawsuit which is that XRP is considered a security.
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If a major bank like Wells Fargo has classified XRP as a currency, it may be quite likely that many financial institutions also have the same view.
Therefore, it is not a surprise that XRP has continued to be the top choice for many financial institutions around the world despite the current lawsuit in the US.
Interestingly, Wells Fargo identified an important trend in the crypto industry of focusing on technology instead of the “big picture.”
The user experience within crypto and web3 is notoriously poor, with overcomplicated dApps and wallet management. New users face an exceptionally high entry barrier; seed phrases, passphrases, tokens, blockchain, and token transfers are all utterly alien to newcomers.
Wells Fargo stated that its special report series on crypto aims to “make sure newcomers see the big picture concepts before being buried in detail.”
It cannot be understated how important this is for the advancement of crypto and web3. A household name in banking publishing a pro-crypto special report to educate non-crypto users on the long-term benefits of digital assets holds a lot of weight.
The report also analyzes major trends that it is seeing within the crypto industry and how a digital currency like XRP was likely to disrupt many existing financial industries.
It also states that the biggest challenge for an asset like XRP is the current regulatory hurdles that are preventing a lot of potential growth for crypto.
Whether or not Walls Fargo is indirectly referring to the SEC in this report is unknown, but many are speculating that it might be one of the major reasons.
With XRP being confirmed as a currency by Wells Fargo, it may only be a matter of time before this is reflected by regulators.
Well looky here…brand new @WellsFargo report classifies $XRP a "currency" along with a few others. They were very specific too about "legitimate growth opportunities" for certain coins/projects. 😎👍#XRPcommunity #Ripple #XRP
📺 WATCH https://t.co/z9sCf3cobm pic.twitter.com/6unA3GLryu
— Working Money 💰 (@WorkingMoneyCH) August 11, 2022
Wells Fargo concluded the report by stating ”
The main risks facing the industry are additional regulation, technology and business failures, operational risks with handling and storing digital assets, price volatility, and limited consumer protections.”
This is the fifth in a series of cryptocurrency special reports from Wells Fargo. The next report will continue with the topic of the risks associated with investing in early-stage technology.
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