In a June 4 interview with CNBC’s Money 20/20, Brad Garlinghouse says that XRP will be used by dozens of banks by 2019 and many major bank chains this year.
Brad Garlinghouse says XRP will continue to grow in use by major banks with many major chains using the token this year for money transactions. Currently Ripple is the number three cryptocurrency by a market cap of over 26.4 billion dollars (US).
Garlinghouse was asked about Bitcoin and his view on where it was headed and if he agreed with Twitter CEO Jack Dorsey’s views on the leading cryptocurrency will be the leading world currency in 10 years time. Garlinghouse didn’t agree with that assumption and said he feels that Bitcoin will have some sort of role but it will not be the panacea that people once thought it would be. “The Bitcoin blockchain is quite slow, and people originally thought it might save a payment problem. When you have an asset like XRP that’s a thousand times faster and a thousand times cheaper per transaction basis Bitcoin really can’t compete on that level,” Garling house said. “An XRP transaction costs fractions of a penny and settles in three seconds.”
Released in 2012, Ripple offers a secure, extremely fast and very inexpensive way to move transactions of any size with no chargebacks. It is built upon a distributed open source internet protocol, consensus ledger and native cryptocurrency abbreviated as XRP (ripples) and is based around a shared and public database or ledger, which uses a consensus process that allows for payments, exchanges and remittance in a distributed process.