During an interview that got held on the Stanford Legal Podcast (on first of this month), Brad Garlinghouse, Ripple’s CEO, spoke on the vital issues that cryptocurrency world faces today. Garlinghouse also discussed the issue of cross-border settlements and a couple of other things.
During the interview, Garlinghouse talked on what he thinks about cross-border payments future. He mentioned how cross-border payments could be able to reduce the fee of the global transactions. Ripple’s Chief Executive Officer,
“That takes time and friction (cross-border) and any type of talk about friction is its cost. If we do it more efficiently, we can accelerate the global industries that we’re talking about”
The discussion moved further on how Ripple (XRP) aims to resolve the issue of cross-border payments where Garlinghouse stated:
“We sell technologies to banks that will allow them to connect that we call RippleNet and that allows them to do cross-border payments in real-time at very very inexpensive fees.”
Even though the world has changed when it comes to technology, Garlinghouse added that it is “amazing” that lots of technological payments have a central counterparty.
In regards to the illegal transactions that occur in the crypto sphere. Garlinghouse said that lots of companies start at the dark side and then people start to know how much benefits and productivity can be derived for that same industry.
In regards to regulating the cryptocurrencies, Garlinghouse stated that the crypto sphere was created based on decentralization, anti-governance, and so on. In regards to this, Garlinghouse spoke about the role of Ripple in this as he said,
“…that’s in some ways of what the business ripple is building, that’s a frustrating thing because it takes time and education to explain, there’s a lot of misinformation. There real-world use cases as we talked about earlier with its payment settlement cross-border or security settlement where you can use these techniques to have real-world benefits for economies, on consumers experience, business experience.”
However, Garlinghouse supports the authorization process in cryptocurrency, which he said may benefit the cryptocurrency world in the long run.
Ripple’s CEO on Scalability
There has been a lot of fuss around Ripple these days, and in the interview, Garlinghouse rambled a lot about Ripple and XRP. Ripple chief states,
“some of our products are built a hundred percent using XRP, and some have nothing to do with XRP. You can use Bitcoin for some of the products we offer. The problem is, Bitcoin has some serious issues concerning scalability.”
Garlinghouse further explained the cost of purchasing goods using Bitcoin. As per Mr. Garlinghouse, the cost involved in the case of Bitcoin (BTC) is a little bit high and the transaction time usually takes more than 50 minutes.
He went on to say,
“I am personally long on Bitcoin. I’m not trying to bash Bitcoin. I think Bitcoin is not going to be a panacea that some people thought it would be for many different kinds of transactions and instead you’re seeing specialize in kind of use case dynamics for different transactions.”
Before the interview closed, Garlinghouse talked about the volatility and the reason for the unstable price of cryptocurrencies.
He said that the long-term value of any cryptocurrency correlates with its utility to solve different problems. The most vital goal of any digital asset is its utility. Well said, Ripple head, we agree to your constructive conclusion, the utility is what that could determine each a cryptocurrency’s feat in the end.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your thorough research before investing in any cryptocurrency and read our full disclaimer.
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