There is a lot of FUD about XRP, Ripple CEO Brad Garlinghouse says
February 10, 2018 7:22 pm
Ripple CEO Brad Garlinghouse said that There is a lot of FUD about XRP
The price of Ripple has grown 32,000% in 2017. It was a huge surge, it has grown even though few people buying up XRP don’t know anything about the company and the technology behind it. In the month of January 2018, XRP dropped by 60%.Moreover, Ripple owns 60% of the supply of the token XRP, which made the crypto enthusiasts criticize XRP for not being truly decentralized, the way that bitcoin and other leading digital tokens are decentralized.
Because of all these, XRP has extremely become controversial. At the Yahoo Finance, All Markets Summit: Crypto on Feb. 7, Ripple CEO Brad Garlinghouse discussed the controversy.
“There’s a lot of FUD around all digital assets. That’s true of XRP and that’s true of bitcoin, for sure.” I actually am long bitcoin, personally. I am not a believer that bitcoin dies some terrible death. I don’t think it’s going to solve a payments problem. XRP is 1,000 times faster and 1,000 times cheaper than a bitcoin transaction.”
FUD means “fear, uncertainty, and doubt.” Ripple, sells two payment products to banks. One of them is xCurrent, the software for settling cross-border payments with other banks.
Garlinghouse described xCurrent as:
“It is enabling real-time messaging, real-time settlement between banks. More than 100 banking clients have signed on to use xCurrent.”
The second one is xRapid, that minimizes liquidity costs for banks doing business in developing markets, where they typically need to have pre-funded accounts in the local currency.
Garlinghouse described xRapid as:
“The bank of Andy can sell $1, buy XRP. That XRP can then be moved to an Argentinian digital asset exchange, you can sell the XRP and buy an Argentinian peso, and now you have good liquid funds in less than 10 seconds in another market.”
“I talk to senior banks, people who are close to the company Ripple, they’re invested in us. And they’re like, ‘Hey look, we love what you’re doing around xCurrent, not sure yet about xRapid.’ That’s fine. The xRapid product gives you a faster product at a lower price. Do we really not think that people are going to say, ‘Huh, that’s kind of interesting’.?”