Brad Garlinghouse — CEO of San Francisco-based real-time gross settlement system, foreign money change, and remittance community Ripple — believes Bitcoin is “not going to be the panacea that individuals as soon as thought it could be,” and that his firm’s in-house cryptocurrency, XRP, is superior. On the identical time, nonetheless, he believes the cryptocurrency house will see many winners as soon as the mud lastly settles.
‘There can be many winners’
In an interview with CNBC earlier this week, Garlinghouse shared his opinions on Bitcoin and its supposed incapacity to unravel a variety of issues. Defined Ripple’s CEO on the Cash 20/20 fintech convention in Amsterdam:
I believe [Bitcoin’s] not going to be the panacea that individuals as soon as thought it could be, the place it could resolve all of those completely different type of issues… As an alternative, you’re seeing specializations of various type of ledgers, completely different sorts of blockchains.
Specifically, Garlinghouse takes subject with Bitcoin’s gradual transaction pace, in comparison with XRP’s, that are “a thousand occasions quicker.” From an goal standpoint, Ripple transactions common roughly 4 seconds, whereas transactions on the Bitcoin blockchain are at the moment round 40 minutes.
Nonetheless, Ripple’s CEO doesn’t assume that just one cryptocurrency will come out on prime. The truth is, he acknowledges that completely different cryptocurrencies serve completely different functions. Garlinghouse said:
Effectively, I don’t actually give it some thought as one versus the opposite. I imply, it’s truly unlucky, I believe, that there’s some folks on this, the crypto house, the blockchain house — for them, it’s virtually a holy battle of 1 versus the opposite. I don’t have a look at that in any respect.
I believe that what we’re seeing is the general progress of this house and there can be many winners.
‘XRP just isn’t a safety’
Ripple can also be at the moment defending itself in opposition to Ryan Coffey’s claims that the corporate violated U.S. securities legislation — one thing which Garlinghouse thinks is an “outrageous” declare from “any person who held XRP for, I believe, two weeks.” Ripple’s CEO instructed CNBC:
Whether or not or not XRP is a safety just isn’t going to be dictated by one lawsuit… I believe it’s very clear that XRP just isn’t a safety, it does exist independently of Ripple the corporate. If Ripple the corporate is shut down tomorrow the XRP ecosystem would live on. It’s an impartial, open-sourced expertise.