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Ripple Board Member Asheesh Birla Discusses Blockchain 'Unbundling' Traditional Banks
Asheesh Birla, a board member at the blockchain company Ripple, has expressed the view that blockchain technology is effectively "unbundling" traditional banks. Birla likens this phenomenon to how the internet fragmented newspapers into various specialized platforms.
He believes a similar transformation is occurring within banking institutions. Just as newspapers were eventually divided into distinct segments such as classified ads (Craigslist), recipes (Pinterest and food blogs), opinion columns (Substack and Medium), and job listings (LinkedIn), banking is undergoing a comparable process. Birla has also echoed an opinion shared by Bloomberg Opinion columnist Matt Levine, who suggests that stablecoins are developing into a new form of narrow banking. Meanwhile, the market capitalization of Ripple USD (RLUSD) has now exceeded $300 million.
Brief news summary
Asheesh Birla, a board member at blockchain firm Ripple, has remarked that blockchain technology is "unbundling" traditional banks, likening this shift to how the internet fragmented newspapers into specialized platforms such as Craigslist for classifieds, Pinterest for recipes, and LinkedIn for job listings. He suggests that banking institutions are undergoing a similar transformation, with functions being distributed across various blockchain-based services. Birla also echoed Bloomberg Opinion columnist Matt Levine’s view that stablecoins are evolving into a new form of narrow banking. Reflecting this trend, Ripple USD (RLUSD) has seen its market capitalization exceed $300 million, highlighting growing adoption and interest in blockchain-driven alternative financial solutions.
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