Ripple has “definitely passed the starting line” According Ripple CEO
In an interview with CNBC Fast Money this week, Brad Garlinghouse, CEO of Ripple, spoke about his coin, Ripple and it’s use case as a solution to payment problems. He quoted big customers like Western Union and Moneygram using Ripple’s solutions to solve the payments problem measured in “trillions of dollars”.
“While we’re on mile marker 1 of a 26-mile marathon, we’ve definitely passed the starting line.”
Brian Kelly said this was the biggest thing that investors were missing out on. He stated that there were reasons for the bull run for XRP. He also spoke about the size of the payments market in general, which is worth around $155 trillion so far. He quoted a cost of $31 billion as fees to move this amount of money.
Ripple’s enterprise products promise 60% savings on the costs of moving money. This has also been the case reported by many of the companies that undertook the xRapid pilot last month. The case was made for Ripple when a majority of pilots went along very well, with companies calling it a “game-changing” technology.
Ripple’s xRapid offering, in particular, allows for the elimination of pre-existing liquidity in the form of Nostro accounts. It does so by using the XRP Ledger to process the transaction and the XRP currency to provide liquidity, allowing for quick cross-border transactions.
The CNBC panel also asked the question on everyone’s mind: Why is the price of the coin continuing its sideways trend event as institutional money moves in? Melissa Lee speculated that it could be because of the “I’m a believer in the blockchain but not in the cryptocurrency”.
Brian Kelley went on to say in response:
“I think the knock on Ripple if you’re a currency investor is that you can use the Ledger without the currency. The purists in cryptocurrency will say something like the Ripple ledger actually really isn’t decentralized if its being used by the banks.”
He went on to call it just a “big database” if only banks were using it, saying true decentralization was in the token being used along with the Ledger.