Ripple's Ready to Invest in Startups, That Use XRP

This is said by the CEO of Ripple at Money2020 in Singapore
13 March 2018   764

Ripple is planning to invest in projects, the organizers of which would like to use the XRP cryptocurrency in their products. This is reported by TechCrunch with reference to the statement of CEO Ripple Bred Garlinghouse.

According to him, Ripple continues to concentrate its efforts on the development of products for the banking industry, but this does not prevent it in passing to seek alternative uses for its crypto currency.

We, Ripple, will stay focused on solving that institutional use case, but we would certainly partner with companies that are looking to use XRP in lots of different ways.

Bred Garlinghouse

CEO, Ripple

As he said, the American start-up Omni perfectly fits into this plan. In January, Ripple and two of its executives invested $ 25 million in Omni, when the startup agreed to use XRP in its products.

The small popularity of XRP as a payment instrument with Ripple's close interaction with the traditional financial system has long been a source of discontent for critics. The assumption that payment services are in no hurry to integrate XRP because of the volatility of the crypto currency, Garlinghouse called "fake news".

He drew attention to the fact that the translation using XRP takes a few seconds - the probability of a sharp jump in the rate during this time is minimal. Nevertheless, the question of why banks use Ripple blockchain, but do not use XRP, remains open. Garlinghouse is confident that eventually everything will be set in order.

Crypto Won't Replace Fiat, XRP CEO Says

But head of Ripple believes that cross-border payments are the sphere in which cryptocurrencies can be an ideal solution
05 September 2018   435

Ripple's CEO Brad Garlinghouse is convinced that the fiat currency will not lose relevance in the near future and called "senseless" the possible replacement of traditional currencies with digital assets. The future of crypto currency lies in cross-border transactions, Garlinghouse said in the Stanford Legal podcast. This is reported by CoinSpeaker.

I don’t think we’re going to be buying coffee at Starbucks with Bitcoin or XRP anytime soon. I think we’ve got to ask ourselves: What problem is that solving? You were talking about paying for the day spa bill and how you do that, but I think in some ways the friction – fiat currency, the US dollar in this case works pretty well, and so we need to make sure it’s better than that before we talk about it as a currency…

Brad Garlinghouse

CEO, Ripple

According to Garlinghouse, cryptocurrencies can be used in the st way in international payments and as a means of preserving value. This is especially true of crisis and weak economies, with a high level of inflation. He noted that the average annual inflation of the currencies of countries outside the G20 is about 6%.

There are economies where the fiat currency is at best a weak currency. And in those contexts, if I were a consumer experiencing hyperinflation – would you rather hold a cryptocurrency or your fiat currency? And in a lot of those cases, you’re seeing people take their dollars, or not dollars, pesos of various sorts, and saying, ‘I’d rather hold this because it’s a better asset to hold in terms of its potential appreciation and lack of inflation.

Brad Garlinghouse

CEO, Ripple

The head of Ripple stressed that cross-border payments are the sphere in which cryptocurrencies can be an ideal solution. He also noted the Ripple, which allows to conduct international transactions "almost in real time". This will help many companies save time and resources.

We had one of the largest banks in Australia, the CEO told me that 40% of all of their consumer wire transfers result in a customer service phone call. The frustrating thing for the bank is not only do they have to absorb the cost of taking a customer service phone call, they also deliver the news that they don’t know wait a couple more days it’ll probably be there.

Brad Garlinghouse

CEO, Ripple

Earlier, the Northern District Court of California rejected a class action lawsuit filed by investor Ryan Coffey against Ripple Labs Inc. on behalf of everyone who bought XRP tokens after January 1, 2013. The company was accused of illegally manipulating the price of XRP.