Ripple price: CEO explains the KEY reason behind Ripple’s long-term cryptocurrency growth | City & Business | FinanceHeat Profit
Brad Garlinghouse, the chief executive officer of the payment system, has detailed why Ripple will continue to be a world leader in the long-term.
Speaking to CNBC’s Fast Money, Mr Garlinghouse said Ripple was “the only blockchain company” that can say they have “real production systems” after partnering up with established financial institutions.
The San Francisco-based company is developing a network for fast, global financial payments.
Ripple has about $60 billion worth of the XRP token, the cryptocurrency that financial institutions on the network can use to transact.
Mr Garlinghouse pointed out that Ripple has partnerships with over 100 financial institutions, including the Bank of England and the Saudi Central Bank.
He claimed this work with leading institutions in global finance to “solve real problems” had set Ripple up for long-term growth.
In the interview, he attributed Ripple’s success to their embrace the system and work with regulators.
The CEO told CNBC: “In the bubble that was dot-com 1.0 emerged Google, Amazon and some of the most valuable companies on the planet.
“They were successful because they focused on their customer, they focused on revolutionary products.
“The reason we have over 100 financial institutions already signing partnerships with Ripple, the reason we have the Bank of England and the Saudi Arabian Monetary Authority, the central bank of the kingdom, as customers is because we are solving real problems.
“Yes, the hype can be ahead of reality in some examples, but Ripple is solving some real problems.
“We have a marathon ahead of us to execute, but we have passed the starting line, we are off on the race. We have real flows, real production systems.
“Ripple is the only blockchain company that can say that.”