Brad Garlinghouse, the CEO of Ripple, which is the company behind the third-largest digital currency by market cap XRP, told that bitcoin will not be a universal solution some are hoping for by being a global currency.
Speaking to CNBC, Mr. Garlinghouse expressed his belief that, “ I think it’s not going to be the panacea that people once thought it would be, where it would solve all of these different kinds of problems. Instead, you’re seeing specializations of different kind of ledgers, different kinds of blockchains.“
Yesterday, Toshi Times has reported that Apple co-founder Steve Wozniak said he hoped bitcoin would become world‘s singular currency. A similar prediction has recently been also made by Twitter and Square CEO Jack Dorsey.
However, Mr. Garlinghouse believes the world‘s most popular virtual currency is inferior to XRP, claiming that XRP transactions are “a thousand times faster” than those of bitcoin. While this may be true, as according to recent data, an average BTC transaction takes 42 minutes, compared to around 4 seconds for a XRP payment, it is worth remembering that BTC’s trading volume significantly surpasses XRP’s.
While many see the two cryptocurrencies as rivals, this is not necessarily the case as he claimed that, “Well, I don’t really think about it as one versus the other. I mean, it’s actually unfortunate, I think, that there’s some people in this, the crypto space, the blockchain space — for them, it’s almost a holy war of one versus the other. I don’t look at that at all.“
Mr. Garlinghouse has also shed some light on the recent lawsuit that Ripple was a subject of. Ripple as a company is separate from the XRP currency, although 60% of the total XRP supply is owned by the company and a sizeable amount of it by the Ripple founders. A trader who lost money wagering on XRP now claims Ripple has violated the US securities law by selling that XRP.
Nonetheless, the CEO labeled such claims as “outrageous”, telling that, “Whether or not XRP is a security is not going to be dictated by one lawsuit… I think it’s very clear that XRP is not a security, it does exist independently of Ripple the company. If Ripple the company is shut down tomorrow the XRP ecosystem would continue to exist. It’s an independent, open-sourced technology.“
Ripple has been making waves in the crypto sphere recently by announcing partnerships with numerous financial institutions who will implement their xRapid and xVia platforms into their payment systems. Abiding the laws is key to these developments as Mr. Garlinghouse affirmed that, “One of the reasons Ripple has enjoyed such momentum is we have been working with regulators.“
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I have been following the crypto markets since mid 2017, just in time to witness the incredible surge of the digital asset industry. Fascinated by the potential of blockchain technology I’ve started to dig deeper and that’s how I ended up meeting the Toshi Times team. I hold a Political Science degree, therefore the crypto regulation development is particularly interesting for me. I’m also heavily involved with music, running my own label, a YouTube channel and working with distribution. People call blockchain the ‘Fourth Industrial Revolution’ and I believe it will change our daily lives in the coming years and we will have the front row seats to witness it.