For Brad Garlinghouse, the CEO of Ripple (XRP), crypto-currencies follow the path set by Bitcoin. He also said that the cryptocurrencies already provide concrete solutions to the limits of the financial system as we know it today.
Brad Garlinghouse said it “as a compliment”
Speaking to Bloomberg Asia before attending the Millennium 2020 conference in Singapore, Garlinghouse said he made the comparison between the Ripple and Bitcoin “as a compliment”.
“Some might refer to Bitcoin as saying that it’s the Napster of digital assets. What I mean by this is that Napster was the first to digitize music, and to demonstrate all the interesting possibilities offered by this initiative,” explained Ripple (XRP) boss, Brad Garlinghouse.
Garlinghouse continued to compare Bitcoin to Napster and, to some extent, he predicted the future of the cryptocurrencies:
“In the end, we realize that the company has circumvented laws related to trademark law, as well as royalty payments. The governments then decided to intervene, and Napster failed in his attempt. But some software like Spotify, iTunes or Pandora have followed, and have been a great success.”
Then, he added that “the next generation of digital assets may end up solving some of the problems that Bitcoin has been trying to solve”.
Ripple (XRP) fast transactions upset current payment providers
“If you were to send $ 10,000 to California today, the quickest way would be to get to the airport and fly,” Garlinghouse said, discussing why the various solutions offered by the Ripple (XRP) company, such as xCurrent or xVia, had already, in his view, upset the way some banks and payment service providers operate.
“It would be foolish to take such an initiative, as we live in the age of the Internet. Many customers have trusted us because we are solving a real problem. We upset the way a payment is processed: instead of taking several days, it only takes a few seconds,” explained Garlinghouse.
Garlinghouse also said his company now hosts more than one bank per week on the Ripple (XRP) network.
“We have just started, we are only on the first kilometer of a marathon, but we have already crossed the starting line. This is an extremely concrete activity,” concluded Brad Garlignhouse, the Ripple (XRP) leader.