Much-awaited Ripple Swell 2018, a major cryptocurrency and blockchain dedicated two days event by Ripple kicked off yesterday, on October 1. The top level speakers of the conference feature former American President Bill Clinton, Gene Sperling, the National Economic President to Clinton and Obama, as well as officials from the Ripple Company including the CEO, Brad Garlinghouse.
Garlinghouse already had a chance to talk about Ripple as well as his overall view on the new technologies and the field during the major event. When talking about the company, the CEO confirmed that they have the main aim of integrating the Internet of Value with the workings of the financial ecosystem. He went on stating: “the internet of value is something that a lot of people don’t understand and that is Ripple’s biggest bet. One of our main goals has always been to become builders rather than the ‘disruptors’ that is talked about a lot in Silicon Valley. Being coined a disruptor is somewhat of a catnip to investors but in Ripple’s opinion we don’t always need disruption in the industry”.
In addition, the CEO also confirmed that instead of replacing banks in general, Ripple only aimed at creating a new and more effective system which will work better for everyone. “The products launched by Ripple would not only allow the faster and seamless developments of the blockchain industry but also the entire working ecosystem as well”, continued Garlinghouse.
Next on, he spoke about the key problems, which are currently being faced by financial institutions in fiat sector. On the matter the CEO commented: “I have been in discussion with officials from a lot of major players and the stats that we obtained are stunning. We have found out that value transfer is staggeringly slow with an air rate of close to 6% that sometimes rises to 11%. The transactions are also really expensive with sources quoting an astronomical $10 trillion trapped in the banking sector”.
Finally Garlinghouse went on introducing the commercial availability of their new product xRapid, as also reported earlier.