HomeTodays NewsRipple: Cryptocurrencies can reduce friction in global commerce, claims CEO Brad Garlinghouse
Ripple: Cryptocurrencies can reduce friction in global commerce, claims CEO Brad Garlinghouse
May 21, 2019
Given the constant disregard for cryptocurrency and blockchain by financial institutions, prominent crypto-leaders have personally been preaching the technology for furthering global adoption. One such figure is Ripple’s CEO, Brad Garlinghouse.
Ripple’s Garlinghouse has always made an effort to minimize the common man’s speculation around tokens. Recently, he made headlines for sharing similar views on Recode Decode, where he said,
“You went from illicit activity to speculation, and today you’re going from speculation to utility.”
While exhibiting his support for cryptocurrency adoption, Garlinghouse made it clear to viewers that he did not expect banks and governments to “be obliterated by the new technology”. He also shared his vision for the future, stating that the system can be changed only by working with the system.
The Vox interview also touched upon Garlinghouse’s claim that crypto-adoption would result in the direct reduction of friction in global markets. He said,
“These are profound technologies that can really benefit society in lots of ways. We can reduce the friction of global commerce, we can allow people globally more access to the economies around the world to compete. I think that’s actually a really good thing.”
He further argued that different currencies, including fiat and crypto, could find specialized use-cases for different things. Along the same lines, he also supported Bitcoin [BTC] investments alongside developments in the XRP ecosystem, as he believed that both work best owing to their unique use-cases. The interview finally ended with Garlinghouse mentioning this on a cautious note:
“Focus on the substance, not the hype. It’s going to impact lots of parts of lots of industries in the same way the internet impacted lots of industries.”