Ripple CEO: Bitcoin will not become a global currency

On the last day of the Money 20/20 Europe Fintech conference, Brad Garlinghouse, CEO of Ripple, gave a television interview about Ripple, XRP, Bitcoin and more.

Answering numerous questions from journalists, the CEO, first of all, emphasized the difference between the Ripple company and the XRP token. Ripple is a payments company that uses the open-source XRP ecosystem to collaborate with banks. And XRP is a digital asset, a liquidity tool that Garlinghouse said a dozen banks will be using by the end of next year. While the Ripple team formally distances itself from the XRP coin, most of the token emission belongs to the developers themselves and is associated with the company. When asked about the lawsuit  for violating securities laws, Garlinghouse responded briefly: "XRP “This is not a security.”

When asked about the traditional attitude towards Bitcoin and competition in the crypto market, Brad confidently explained that XRP has found its niche in a market where it has no competitors. 

Bitcoin has its own purpose and it has nothing to do with the world cryptocurrency. According to the CEO of Ripple, the influence of BTC will soon begin to wane, and it will not become a panacea for the future of the global financial system. In addition, the oldest cryptocurrency is clearly lagging behind in addressing the issue of scalability. Garlinghouse emphasized that while he was talking to reporters, the average transaction on the Bitcoin network took more than 40 minutes, while XRP took a few seconds. 

 Ripple develops liquidity solutions that enable financial institutions and payment providers to minimize liquidity costs and improve payment speed and transparency of cross-border payments. One such solution is xRapid, a system aimed at institutions doing business in emerging markets. 

The second successful product is xCurrent, which increases transactions in real time and is already used by a number of banks.

Since the main feature of xRapid is its speed and scalability, large transfer providers such as Western Union and Moneygram, started using the platform in their work..

The executive director emphasizes that “this is still a nascent industry, market speculation dominates trading activity. I think it's a matter of time before people become more aware of the different use cases for crypto assets.”

It's the rapid development that makes it difficult to predict the price of XRP. 

Brad Garlinghouse admitted that he doesn’t know how to do it and “wouldn’t dare try.”

According to http://wallstreetpit.com