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Ripple’s SVP says regulation is their “biggest risk”, speaks up on signing banks

Anirudh VK



Ripple's SVP says regulation is their "biggest risk", speaks up on signing banks
Source: Unsplash

Ripple is moving toward building a future where money moves as fast as information does today. The SVP of Product for the company, Asheesh Birla, spoke about the changes that Ripple aims to produce in order to achieve this vision.

Birla spoke about the decisions made at the beginning of Ripple, quoting a decision between being like “lipstick on a pig” or whether to build a better infrastructure. He talked about changing the very fabric for which payments are built and about working with regulators, saying:

“We’ve met with hundreds of regulators around the world and they’re not regulating the startups. They’re gonna regulate the banks and at the end of the day they’re holding the banks accountable. We made a decision, [saying] we want to be the infrastructure layer we’re gonna use blockchain technology. My job as the head of product was, how do I take this innovative technology and make it work for banks.”

Furthermore, he spoke about the benefits of the innovative technology that Ripple offers to banks, and how they are still going to “enjoy its benefits”. The attitude that banks have towards security is “old, gritty, shove it into a banks cage” demeanour, stated Birla. However, he mentioned that it was “paying off”. He went on to say:

“You’re cutting out so much. All these startups essentially a margin on top of a banks infrastructure and now we’re moving to the fundamental layer, the infrastructure layer. I think that’s that’s proving to be something that’s really valuable.”

He spoke about convincing regulators in different countries and proving to them that Ripple’s technology offerings are safe and aren’t skirting regulations. Birla called regulation a “big and hairy problem” to deal with, but stated that going along with them was the best decision that was made by Ripple.

Asheesh spoke about how Ripple’s products aren’t “disruptive”, per se, just a “reshuffling of the World Order”. He stated:

“Maybe now we can take Wells Fargo and Bank of America and help them compete with those you know larger companies…at the end of the day we’re in an environment where regulation is so important and our biggest risk, so we are building up a very big regulatory team.”

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Anirudh VK is a full-time journalist at AMBCrypto. He has a passion for writing and interest towards the future of blockchain technology and cryptocurrencies. He does not own any cryptocurrencies currently.



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