He shared this during the latest episode of RippleX’s Onchain Economy, where he discussed how blockchain is changing financial infrastructure and what comes next for the XRPL ecosystem.
Akinyele said traditional finance is gradually being rebuilt with blockchain technology. He believes the on-chain economy creates new opportunities by changing how value is defined and transferred.
Notably, he confirmed that, as Head of Engineering at RippleX, his team focuses on building the features that allow financial institutions to develop their solutions directly on-chain.
Akinyele said RippleX is currently focused on developing features that support several important financial services on the $XRP Ledger.
These include tokenization, stablecoin payments, token trading on the ledger, and the creation of on-chain financial markets. He said these capabilities help build the internet of value by giving different types of assets more practical use.
He also noted that RippleX has learned from working with financial institutions that many of them prefer infrastructure that closely reflects how they already operate.
Essentially, RippleX aims to rebuild processes on blockchain rails instead of replacing their existing systems.
He added that the decentralized design of the $XRP Ledger provides the shared infrastructure that traditional finance has been missing and also improves reliability, security, accuracy, and operational efficiency.
Looking back at developments earlier this year, Akinyele said RippleX introduced features that made permissioned trading possible on the $XRP Ledger.
He called attention to additions such as permissioned domains and permissioned decentralized exchanges (DEXs), and explained that they allow financial institutions to verify the participants involved in their trading activities.
Akinyele also mentioned how $XRP fits into these plans. He said $XRP’s utility comes from Ripple’s effort to build a trusted financial operating system that supports use cases for financial institutions in their day-to-day operations.
He called attention to comments Ripple CEO Brad Garlinghouse has repeatedly made about $XRP being the company’s north star. According to Akinyele, Ripple continues to build around trust, $XRP’s utility, and $XRP’s role in providing liquidity.
He said these features will help financial institutions build real financial markets on-chain and operate at a speed that has not been possible before.
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