BankSocial powered direct crypto trading with XRP into credit union apps. With this new integration, credit union members will be able to send, receive, trade and store XRP—all from within their favorite credit union’s app. The complete rollout will go further, with plans for a direct experience that cuts out the need for third-party exchanges.
John Wingate, the CEO of BankSocial, emphasized the importance of this integration. He described it as a "major step toward bridging decentralized finance (DeFi) with everyday banking."
"major step toward bridging decentralized finance (DeFi) with everyday banking" - John Wingate
In the lead up to the launch, John Wingate had a number of meetings with Ripple executives. Although talks progressed, no formal partnership between BankSocial and Ripple was ever finalized. Aside from earning interest on deposits, BankSocial’s main feature is letting users seamlessly integrate their digital asset portfolio with their traditional banking experience, checking balances, transferring money and more.
BankSocial even goes so far as to pitch XRP as a liquidity provisioning tool and value transfer vehicle. Thanks to the company’s seamless integration, it makes your own experience even simpler. No need to go through separate crypto exchanges to buy and sell XRP. These provide for a user experience that integrates management of digital assets with traditional financial processes.
Currently, Ripple offers institutional payment solutions. BankSocial is still a long way from leveraging these solutions. The focus remains on enabling direct XRP access within credit union apps, simplifying the user experience.
Adding XRP trading to credit union apps represents a big change. This decision unites the worlds of traditional finance and decentralized technology. BankSocial's rollout is designed to provide a seamless experience for users seeking to manage digital assets alongside conventional financial activities.
