Ripple CEO Brad Garlinghouse: XRP Can Outshine Bitcoin and Solve a Billion-Dollar Problem

September 19, 2023 Nitish shaw Cryptocurrency News 0

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Ripple, the company behind the XRP cryptocurrency, has been making waves in the fintech industry with its ambitious vision of creating a global payment network that can rival Bitcoin. In a recent interview with CNBC, Ripple CEO Brad Garlinghouse explained how XRP can solve a billion-dollar problem plagues the current cross-border payment system.

What is the billion-dollar problem?

According to Garlinghouse, sending money across borders is slow, expensive, and inefficient. He said that banks and other financial institutions must pre-fund accounts in different countries with local currencies, which ties up capital and creates liquidity issues. He estimated about $10 trillion of trapped capital in these accounts worldwide.

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How can XRP solve it?

XRP, the native currency of Ripple’s payment network, can act as a bridge between different fiat currencies and enable instant and low-cost transactions. Garlinghouse said that XRP can reduce the cost of cross-border payments by 60-70% and increase the speed from days to seconds. He also claimed that XRP is more scalable, secure, and environmentally friendly than Bitcoin, which consumes much energy and has a limited transaction capacity.

Why is XRP better than Bitcoin?

Garlinghouse argued that XRP has a clear use case and a real-world problem to solve, while Bitcoin is more of a speculative asset and a store of value. He said that XRP is designed to be a medium of exchange and a unit of account, which are the essential functions of money. He also predicted that XRP will surpass Bitcoin’s market capitalization as more people and institutions adopt it for cross-border payments.

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An aspiring novelist and a random blogger, Nitish is also a porky-mouthed banter specialist when it comes to football (soccer), films, TV Series, History and socio-economic issues. He travels, indulges in music and plays outdoor sports to get his creative juices flowing. “There’s the scarlet thread of murder running through the colorless skein of life, and our duty is to unravel it, and isolate it, and expose every inch of it.”- Quote this, and you will be his favorite person for at least as long as the two of you can hold up the conversation.