Ripple, one of the leading cross-border blockchain-based payment systems is now among the founding members of the International Association for Trusted Blockchain Applications (INATBA). This according to April 1, 2019, tweet by Ripple CEO, Brad Garlinghouse.
Crucial Time for DLT
Formed by the European Union (EU), INATBA is part of the EU’s effort to enable the distributed ledger technology (DLT) overcome barriers and drive crypto adoption.
Ripple CEO Brad Garlinghouse tweeted to say that he believes it is a great privilege to be counted among the founding members of the INATBA. Saying it was a crucial time for DLT, Garlinghouse pointed out the importance of the need for the players in the crypto industry to unite so they can interact with regulators and governments on an international platform.
“The work we are seeing with the European Commission is pivotal and can be leading in this effort. We’re thrilled to be involved and look forward to being a leading participant.”
The EU Roundtable said INATBA would serve as a global forum that would bring together industry startups, SMEs, policy makers, regulators, civil society and standard setting bodies. The European Commission (EC) stated then:
“The new association will work closely with the European Commission and with the Member States grouped within the European Blockchain Partnership in supporting interoperability, developing specifications, promoting standards and regulatory convergence to support the development and exploitation of innovative blockchain technologies.”
Enhanced Development and Acceleration
According to the EC, INATBA will focus on key areas that include maintaining a dialogue with regulatory bodies to enable the convergence of regulatory approaches to blockchain globally. This will involve the promotion of open, transparent, and inclusive global model governance for blockchain besides specifications and global standards.
The other significant area will be spearheading the development of sector-specific guidelines and specifications to enhance the development and acceleration of trusted sectoral blockchain and DLT applications.
Ripple now joins over 70 partners who have already joined the initiative including ConsenSys, IOTA, Unibright, RoyaltyRange, MADANA, and STOKR. Others are GuardTime, IBM Belgium, Italia 4 Blockchain, Ledger, R3 and Stablecoin Integration Services Danmark IVS.
The traditional financial organizations include Barclays, BBVA, Accenture and Ripple’s rival SWIFT, which are among the significant incumbents pushing for innovation under a regulatory framework. The official launch of INATBA, according to the ec.europa.eu website will be on April 3, 2019, in Brussels.