CEO of Ripple, Brad Garlinghouse States His Faith in Cryptocurrency
Brad Garlinghouse is one of the largest players in the cryptocurrency market. He is the CEO of Ripple, which owns XRP, which is the fourth-most-valuable cryptocurrency. The currency that Garlinghouse’s company owns is now worth a staggering $9 billion in the year it has been around.
Garlinghouse discussed the use of wire payments and its ease for the system as a whole. Garlinghouse stated that “We are selling… banks a financial process that allows them to transfer money with each other and settle the transaction in a matter of seconds versus days The cost to do that is dramatically lower. The visibility into the whole process is much higher.” The use of wire’s for digital currency payments has revolutionized the financial industry with the ability to send essentially any amount of currency across all country lines with complete transparency.
The belief that the CEO has is that banks are here to stay, but that doesn’t mean they can hope to replace them. Garlinghouse further stated that “I don’t think governments or banks are going away in my lifetime. Most governments are going to continue to have Know Your Customer and Anti-Money Laundering rules. That’s not going away. We also believe there’s a powerful role that digital assets can play but that fiat currencies are going to continue to exist.
The Ripple CEO further discussed one of the main issues with cryptocurrency, its perceived illegitimacy. Many are under the belief that the use of these currencies can often only be traced back to criminal and almost sketchy uses. With Garlinghouse’s company among many others, a face is given to a system that has been built on anonymity. Garlinghouse stated that those who do not have faith in the digital currency system “aren’t up to speed on exactly what (they’re) doing.