Despite the current legal issues developer Ripple Labs is suffering through LINK, CEO Brad Garlinghouse took time to speak at a FinTech festival in Singapore to comment on the future of Ripple and cryptocurrency as a whole.
While speaking with Ross Leckow, Deputy General Counsel of the International Monetary Fund, Garlinghouse spoke on the importance of ASEAN crypto markets. The ASEAN group includes exchanges in Malaysia, Indonesia, Philippines, Thailand, Singapore, and two in Vietnam.
Blockchain Is The Future of Finance
As reported by Smartereum, Garlinghouse described the importance of Singapore and all of its leadership contributions to the world of blockchain. There, the industry has traditional regulations and is supportive of investors looking to get involved:
“Thailand is another country that has explicitly and expressly endorsed and legalized cryptocurrencies including in XRP. The Philippines is also making the necessary moves to create a stable system as well”.
The Ripple Labs CEO believes regulation issues are standing hard in the way of crypto adoption. Once governments establish more defined regulations, we will see more of the world getting involved:
“If we have regulatory certainty for Ripple and other companies in the industry, the mass adoption will become rapid as people will be more inclined to accept these technologies.”
Garlinghouse then targeted the Asian market, revealing that their “regulatory clarity” has made a significant difference regarding the success of digital assets. ASEAN countries make up to $130 billion in remittances every day says the CEO. Garlinghouse claims this makes the Asian market “ripe for blockchain adoption and the adoption of digital assets.”
Garlinghouse then revealed that half of all of Ripple’s customers reside in the Asian market. Because of this, banks in that space are already creating blockchain-based relationships and working to leave the traditional banking industry behind.
“Our office in Singapore has grown by 200% when compared to last year,” said Garlinghouse.
Suggested Reading : Learn about the best XRP wallets.
Innovating On The Market
In a similar vein, during an interview with Bloomberg, Garlinghouse revealed that Ripple is already on its way towards overtaking the SWIFT banking industry. SWIFT means the “Society for Worldwide Interbank Financial Telecommunication,” and it is a technology that has been used by banks and businesses to move money around. Because Ripple’s blockchain is a faster, decentralized ledger, more and more groups are looking to use it:
“The technologies that banks use today that Swift developed decades ago really hasn’t evolved or kept up with the market. Swift said not that long ago they didn’t see blockchain as a solution to correspondent banking. We’ve got well over 100 of their customers saying they disagree.”
Ripple currently has over 100 banks and payment providers using its network. The Mitsubishi UFJ Financial Group in Japan and Standard Chartered Plc are two such customers.
“What we’re doing and executing on a day-by-day basis is, in fact, taking over Swift,” remarks Garlinghouse on the rumored collaborations between Swift and Ripple.
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