Ripple-Ceo Brad Garlinghouse on banks: Crypto is not a bad word

The mission of Ripple CEO Brad Garlinghouse is to take the fear of crypto-currencies away from bankers and win them over to the new asset class.

In a recent interview with CNN, Garlinghouse explained that regulators relax very quickly once they understand that the regulatory framework is not being circumvented.

Garlinghouse reports from a participant at the World Economic Forum in Davos who told him that “crypto here is still a bad word”. Because of this attitude in the traditional financial world, he says, much of his work consists of explaining to bankers how cryptography can solve real problems while remaining compliant with the law:

“Much of what I do […] is meet with regulators, meet with very senior people in the banks and explain to them how cryptography – specifically XRP – can be used to solve a real problem, not to circumvent regulation. […] Once people understand that, they are very quickly disarmed and it’s not a bad word anymore.”

 

Garlinghouse also talked about the adoption of Ripple’s crypto-currency XRP for on-demand liquidity, noting that $54 million has flowed into Mexico over the past week. This represents 7.5% of the total flow of US dollars into Mexican pesos, up from about 3% in December, the Ripple chief said.

According to him, this rapid growth is due to the fact that liquidity leads to more liquidity. According to Garlinghouse, the value of a product like XRP’s on-demand liquidity increases with the liquidity of the market as more institutions join the network, he said.

 

Ripple is growing fast

As of October 2019, Ripple had over 168 reported customers, including 118 banks, 16 remittance/cash transfer companies, seven foreign exchange companies, two crypto-currency exchange companies, eleven payment providers, six software and technology companies and eight others, including international accounting and services giant Deloitte.

Bank Asia, a Bangladesh-based bank with $3.4 billion in assets, also joined the block-chain-based financial services network RippleNet earlier this month.

Cointelegraph recently added Brad Garlinghouse to the Cointelegraph Top 100 list of the most influential people in the crypto and blockchain space.