Unexpected Competitor for Ripple?!?!

Hello Steemit Community,

I wanted to share an article that I recently read. It is a very quick read so I encourage you guys to read (2 Min estimate).


https://www.ft.com/content/20c10d58-8d9c-11e7-a352-e46f43c5825d

As stated in the article, "Barclays, Credit Suisse, Canadian Imperial Bank of Commerce, HSBC, MUFG and State Street have teamed up to work on the 'utility settlement coin'. The project seems to be spearheaded by UBS. I believe this coin could somewhat compete with Ripple's cryptocurrency, xrp. I'm not going to go into detail on Ripple since I believe many of you guys are familiar with Ripple and its intended use/users. Ripple is quite different from other cryptocurrencies because of its association with banks. As someone who has been long on Ripple, I find this news to be quite interesting especially because UBS and Santander banks have been supporters for Ripple's blockchain technology. I would be interested in hearing viewpoints for those who still support Ripple's long term value and growth potential and those who believe this could disrupt Ripple's long-term value.

It's definitely still early, but I am curious to see how this new coin will affect the global banking system in the future.

Joseph