The mission of Ripple CEO Brad Garlinghouse is to dispel bankers’ fear of cryptocurrencies and engage them in a new asset class.
In a recent CNN interview, Garlinghouse explained that “as soon as regulators understand that you are not circumventing the legal framework, they quickly become comfortable.”
Garlinghouse remarked that someone at the World Economic Forum in Davos told him that “crypto is still a bad word.” Because of this attitude to traditional finance, most of his work is to explain to bankers how cryptography can solve real problems, while remaining flexible:
“A lot of what I do, […] usually meeting with regulators, and with very high-ranking people in banks and explaining to them how you can use crypto – in particular, XRP – to solve real problems, and not to get around to example of regulation.
[…] As soon as people begin to understand this, they disarm very quickly, and crypto is no longer a bad word. “
Garlinghouse also considered accepting Ripple’s crypto asset to provide liquidity on demand, XRP, noting that it was used for cash flows to Mexico in the amount of $ 54 million last week. He stated that it was 7.5% of the total flow of US dollars in Mexican pesos, compared with 3% in December.
The CEO explained that such rapid growth is due to the fact that “liquidity creates liquidity.” Garlinghouse said that the value of a product such as on-demand liquidity based on XRP increases with market liquidity, and liquidity increases when – institutions attracted by high liquidity increasingly join the network.
Rapid Ripple Development
As of October 2019, Ripple had 168 registered customers, consisting of 118 banks, 16 money transfer companies, seven foreign exchange companies, two cryptocurrency exchanges, 11 payment providers, six software and technology development companies, and eight others, including international audit and professional services giant Deloitte.
Bank of Asia, a Bangladeshi bank with $ 3.4 billion worth of assets, joined Ripple’s financial services network, RippleNet, earlier this month.
Recently, Brad Garlinghouse has also been added to the list of 100 most influential people in the field of cryptocurrency and blockchain.