Brad Garlinghouse, the CEO of Ripple, spoke about the payments network around the world on a panel with PayPal’s CEO, Daniel Schulman, at the FinTech Ideas Festival 2019.
Garlinghouse said that the existing payment networks are slow and inefficient and that they need an upgrade since transferring money across border takes days, despite innovations in other areas. He added that blockchain will change all of that as it evolves. Additionally, he stated,
“We have payment networks that are not interoperable… I’m a PayPal customer, I’m a Venmo customer, the lack of interoperability has manifested even within that network.
When Ripple thinks about the future, we’re thinking about how to create interoperable networks in the same way that the birth of the internet of information interoperable networks of information,”
He added that it was possible to access any information on the Internet, but the same was not possible with payments. Garlinghouse added that Ripple was thinking along the same lines as the way Internet perfected interoperability. Further, he added that interoperability will be eventually achieved in payments and that it would happen through blockchain.
Addressing the “not enough use-cases for blockchain” issue, Garlinghouse said that it was not true. He added that the “payments use-case is very real and it is alive and working,” mentioning how Ripple had partnered with over 200 financial institutions around the world and that there are “billions of dollars that we are moving through Ripple’s technology.”
“At the global scale of cross-border payments, which is measured in trillions it is still early. Even the crazy crypto market, it’s still early. I’m not surprised by the volatility, I think you are seeing some of that wash out with the crypto-winter. I think it is healthy for any market.”
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