Brad Garlinghouse, the CEO of Ripple, is going to demolish bankers’ fear of cryptocurrencies and get them on board with the new asset class.
https://t.co/Zonuk0MUVz — XRP 1000bones (@1000bonesXrp) February 20, 2020
It has been reported that during a recent interview with CNN, Garlinghouse explained that “once regulators understand you’re not circumventing regulatory frameworks they get very comfortable very quickly.”
INTERVIEW PART I 👇🏼 "Once regulators understand you're not circumventing regulatory frameworks they get very comfortable very quickly," @Ripple CEO @bgarlinghouse explains why he's on a mission to educate regulators around the world. pic.twitter.com/2PMVvj3PZU — Julia Chatterley (@jchatterleyCNN) February 17, 2020
However, Garlinghouse said that someone at the World Economic Forum in Davos told him that “crypto is still a bad word here.” Because of this attitude in traditional finance, a big part of his work is explaining to bankers how crypto can solve real-world problems while staying compliant.
“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.”
Also, Garlinghouse addressed the adoption of Ripple’s crypto asset for on-demand liquidity, XRP by noting that last week it was used for $54 million in cash flows to Mexico.
He claimed that this is 7.5% of the total flow of U.S. dollars to Mexican pesos, up from about 3% in December.
Likewise, he explained that such fast growth is due to the fact that “liquidity begets liquidity.” Garlinghouse also said that the value of a product like XRP-based on-demand liquidity increases with the liquidity of the market, and the liquidity increases when — attracted by the high liquidity — more institutions join the network.
Thus, it has been analyzed that in October 2019, Ripple had a reported 168 customers comprised of 118 banks, 16 remittance/money transfer firms, seven foreign exchange companies, two cryptocurrency exchanges, 11 payments providers, six software and technology firms, and eight others, including international auditing and professional services giant Deloitte.