CEO of Ripple, Brad Garlinghouse, recently took part in the Stanford Legal podcast where he spoke about different aspects of the company, XRP as well as the blockchain technology. Some of the main highlights of the session include Garlinghouse’s clarification on XRP as well as deeper overview on the offered products’ objectives and challenges.
During the session the CEO provided clear explanations about the key differences between Ripple and XRP while stating that some members of the team who worked on their Ledger were employed by Bitcoin (BTC) in the past. Here Garlinghouse stated that these team members “saw some of the scalability problems the Bitcoin is likely to have, such as energy consumption cost. They wanted to build a better digital asset to solve some of these problems”.
Further on, when speaking about the ways digital assets could be used in order to transfer value, Garlinghouse gave the example of their products which aim at solving the problems in cross-border payments. “Ripple is using digital assets to solve a cross-border payments problem. If you’re sending money across oceans across networks it ends up being really slow and really expensive”, explained the CEO.
Another important insight by Garlinghouse was about Ripple’s technology of Ripple Net. Here the CEO explained how the technology gives its users the opportunity to conduct cheaper, faster and safer cross-border payments. “We had one of the largest banks in Australia, the CEO told me that 40% of all of their consumer wire transfers result in a customer service phone call. The frustrating thing for the bank is not only do they have to absorb the cost of taking a customer service phone call, they also deliver the news that they don’t know wait a couple more days it’ll probably be there”, stated Garlinghouse.
Full Session is available here.