Ripple, the US-Based blockchain firm is trying to separate the wheat from the chaff and the men from the boys with its profound technology recognized for solving real problems in the FinTech industry.
The CEO of the Ripple, Brad Garlinghouse, in an interview today at Bloomberg made some clarifications on some doubtful issues about the company.
When asked about the possibility of Ripple taking over SWIFT, the CEO noted that their everyday actions are bound to make them overthrow SWIFT.
“What we are executing day by day is gradually taking over SWIFT. We have signed over 100 banks, and some of the largest SWIFT neighbor banks in the world are now using Ripple technology.” Brad revealed.
Echoing the impact of the firm in the lives of banks, the CEO said that last week, a remittance firm using Ripple blockchain technology for settlement reduced its transaction charges from $20 to $2, and it rapidly witnessed 800% growth rate over the night.
While referring to the achievement made by the firm, Brad said: “That is the type of dynamism SWIFT is not able to support and we are able to address now.”
Brad mentioned that the technology offered by SWIFT since decades ago can no more meet the requirement of the present market, and there is need for a change. However, Ripple came to the aid of banks and other financial institution.
The interviewer at Bloomberg asked what makes Ripple a better option above its contemporaries. First, Brad made clarification between Ripple and XRP, he said Ripple is a company and XRP is an asset.
He said in his own sentiment, digital assets should be gaining value based on the problems they solve. There has been series of hype in the market, and there is need for separation of hype from reality, then there will be diversion. XRP solves real problems, exactly why it is a better option.
Also he stated that Ripple is solving cross border payment problems, and it is selling its technology to banks and other financial institutions.
More and more companies are entering into XRP ecosystem, and it is a thousand times faster and cheaper than Bitcoin (BTC), he concluded.