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Ripple’s Brad Garlinghouse says, financial institutions are self-assured to “flip the switch”

Namrata Shukla



Ripple's Brad Garlinghouse says, financial institutions are self-assured to "flip the switch"
Source: Pixabay

The Chief Executive Officer [CEO] of Ripple, Brad Garlinghouse said that banks and financial institutions are self-assured to “flip the switch” and integrate the digital asset XRP. In a recent interview with Fortune, the San Francisco payment startup CEO talked about his belief of the 200 banks and financial institutions that have joined hands with Ripple’s network are getting prepped up to utilize xRapid, that uses XRP to boost cross-border payments.

Garlinghouse said:

“This is the year the wheat will be separated from the chaff. Not many months ago, the media was saying no one will use XRP, which made for good skeptical headlines. Today, you can’t say that, as people are starting to use xRapid because it’s better, faster and cheaper.”

Ripple received good news from Euro Exim Bank, as they announced to be the first bank to commercially implement xRapid to power payments for its customer base. Exim, which has branches in London and St. Lucia, said that it will begin using xRapid in the first quarter of 2019, reported the publication. The bank aims to make use of the digital asset to power payments in 80 countries around the world for its customers.

Euro Exim is one amongst the five companies that will use XRP to power payments on behalf of their clients. The others are namely, JNFX- a London-based foreign exchange firm, SendFriend -New York-based fintech for global remittance market, Transpaygo- Vienna-based fintech for mobile payments, and Financial Transaction Control Systems [FTCS]- Stockholm-based company building financial infrastructure, reported the publication.

Ripple is responsible for about 60% of the total XRP supply and has the majority of its XRP locked away in escrow. However, the company regularly sells portions of its holding to institutions and cryptocurrency exchanges.

At the time of press, XRP, the second largest coin was valued at $0.3239 with a market cap of $13 billion. The 24-hour trade volume of the coin was reported to be $554 million with a dip of 2.61% over the past day.

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Namrata is a full-time journalist and is interested in covering everything under the sun, with a special focus on the crypto market.



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