Ripple’s Garlinghouse Seeks to Demolish Fears Over Cryptocurrencies

Ripple’s Garlinghouse Seeks to Demolish Fears Over Cryptocurrencies

Ripple CEO Brad Garlinghouse seeks to ensure bankers about crypto industry and its bright future.

In an interview with CNN, Garlinghouse said:

“Once regulators understand you’re not circumventing regulatory frameworks they get very comfortable very quickly.”

The CEO aims to explain how crypto industry can solve real-world issues, saying:

“A lot of what I am doing […] is meeting with regulators, meeting with very senior people at banks and explaining to them how crypto can be used — specifically XRP — can be used to solve a real problem, not to circumvent regulation. […] Once people understand that, they very quickly become disarmed, it’s no longer a bad word.”

Garlinghouse also said XRP was used for cash flows to Mexico at a total value of $54 million.

He claimed this figure represents 7.5% of the total flows in the US dollars to the Mexican pesos, compared with around 3% in December.

In October 2019, Ripple announced that its customer base reaches 168, including 118 banks, 16 transfer companies, 7 foreign exchange firms, 11 payment companies, 6 software firms, 2 crypto platforms and 8 others.

Garlinghouse Sees Ripple As Amazon By 2025

Cryptolydian earlier reported Garlinghouse as saying that his company seeks to become the crypto industry’s Amazon within five years.

He cited the incredible rise of Amazon, and how it began as an online book seller before it became a pivot and started dominating e-commerce.

In addition, the CEO has envisaged a similar potential for Ripple, though he does claim first and foremeost Ripple is addressing cross-border payments.

Garlinghouse sees Ripple and XRP as doing very well at the moment, though not paying much attention to short-term price action.

Ripple has ranked 2nd among most valuable fintech companies. The San Francisco-based remittance firm was estimated at $10 billion, after raising $200 million in a Series C funding round last December.

XRP has dropped 6.25% to $0.2751over the last 24 hours. The cryptocurrency ranks third with a market cap of $12.02 billion.

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Rabea Maguid 551 Articles
Rabea Maguid is a journalist completely obsessed with crypto industry. He holds B.A. from Al-Azhar University, and has a background in journalism and economics. Rabea Maguid likes to think about the future in a positive way, and sees blockchain as a potential driver of deep societal change.