Ripple CEO Says He Is Confident Major Banks Will Use XRP By End Of Year

Ripple CEO Brad Garlinghouse recently in a CNBC interview said that he is confident that by the end of this year many banks will be using xRapid (which uses XRP as a currency) as a liquidity tool.

It is known that the Cryptocurrency XRP is not a part of xCurrent and xVia which is used by the majority of banks that have partnered with Ripple the company. Investors of XRP hope that someday it will be used by all the banks which are partnering with Ripple which will, in turn, lead to a demand for XRP leading to an increase in the price.

Brad says that the utility of the Cryptocurrency is a key factor in the success of it and that many tokens in the market currently don’t really have a utility.

Brad said:

By the end of this year I have every confidence that major banks will use xRapid as a liquidity tool this calender year, by the end of next year that number will be in the order of magnitude

He was also asked about what he thinks of Bitcoin, to which he said that the different Cryptocurrencies may not be necessarily in direct competition with each other and can have different specializations and that he is actually long on Bitcoin and Bitcoin Cash.

When asked about Bitcoin’s role he said:

The Bitcoin Blockchain is quite slow, and originally people thought that it might solve a payments problem, but when you have an asset like XRP that is thousand times faster and thousand times cheaper on a per transaction basis Bitcoin can’t really compete on that level

There has also been a lawsuit against Ripple which claims that Ripple violated U.S Securities laws, to which Brad said that it is outrageous.

Commenting on XRP being a security he said:

Whether or not XRP is a security is not going to be dictated by one lawsuit… I think it’s very clear that XRP is not a security, it does exist independently of Ripple the company. If Ripple the company is shut down tomorrow the XRP ecosystem would continue to exist. It’s an independent, open-sourced technology.

Ripple recently committed $50 Million for their Blockchain research initiative partnering with 17 universities.

Image source: CNBC

Source: CNBC

Discuss this news on our Telegram Community. Subscribe to us on Google news and do follow us on Twitter @Blockmanity

Did you like the news you just read? Please leave a feedback to help us serve you better

Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Blockmanity won't be responsible for any loss of funds.