Despite the fact that Ripple is a cryptocurrency company that uses the technology of the blockchain, CEO brad Garlinghouse at the conference technology Goldman Sachs in San Francisco explained that Ripple not just a business trying to promote at the expense of new technical words. He explained that Ripple uses the technology of the blockchain to record transactions between banks. And he said that his company uses the XRP cryptocurrency as a payment method, to banks were able to accelerate cross-border payments.
Also Arlinghaus believes that the mass use of crypto-currencies need to “work within the system” and not to use the cryptocurrency to bypass state regulation and financial institutions. His idea is that big banks will use software xCurrent Ripple and XRP is the standard software for SWIFT cross-border payments.
In addition, he compared bitcoin with XRP, saying that the transaction using bitcoin is worth about 13 dollars and takes three to four hours, making it unsuitable for solving the problem of payments. On the contrary, the XRP “1,000 times faster” and cheaper.
For the growth of Ripple is required to allow the big banks connected to the software and began to use XRP, which is a serious problem because it will force financial institutions to change business practices, which they held for many years. The biggest problem with Ripple is that many banks have other projects that have higher priority than supply Ripple.
Answering the question whether the big banks will eventually adopt cryptocurrency, Arlinghaus expressed optimism, but did not give a specific time frame. He said he discussed this issue with senior managers in Unlisted investment funds on the trading of cryptocurrencies, but a decision could take more than six months or more.
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