In a recent interview at the Singapore Fintech Festival 2018 held from 12th to 16th November, Brad Garlinghouse, the CEO of the leading blockchain remittance firm, Ripple, made several predictions regarding the state of the industry by next year.
Ross Leckow, General Deputy Counsel at the International Monetary Fund [IMF] and Garlinghouse conducted a mutual interview with both of them acting as moderators, giving the event a conversational flow. Here, Ripple chief began by revealing that he had predicted that banks would use XRP in their payment systems by this year. In his words:
“My prediction a year ago… I was here at the Singapore Fintech Festival and I got into trouble when I went back to office because the PR team said that I had overstepped by predicting that within a year – I predicted that financial institutions like banks would be using XRP in their payment flows.”
He continued the discussion by stating that his predictions have come true. Therefore, his strategy to predict the progressions in the industry is to look at the events that appear impossible or hard to imagine at present.
He also put forth opinions that were not exclusive to Ripple and XRP. Garlinghouse shared that one of the surprises that could occur by next year is the banks providing direct custody solutions for digital assets. In fact, the Ripple official seems to be sure of the fact that this might happen. In his opinion, custody solutions by banks sounds too conservative but is sure to happen by next year.
Garlinghouse backed the prediction with two pointers. Firstly, he stated that banks are profit-motivated institutions that will soon notice that the digital asset industry and exchanges are pulling huge profits. He added:
“And the second: Ross has made it very clear that regulatory clarity and frameworks enable banks and financial institutions to lean into these markets and I think we will surprise ourselves by this time next year.”
According to him, most of the progress and regulatory clarity is about to flow across the ASEAN markets wherein the banks would adopt progressive, forward thinking. Subsequently, he added that they will be the first ones to allow crypto-assets custody in their accounts.
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