Category Archives: Brad Garlinghouse

Auto Added by WPeMatico

Ripple: Even Big Banks Will Embrace Crypto

Ripple_ Even Big Banks Will Embrace Crypto

Brad Garlinghouse, the CEO of cryptocurrency project Ripple, has said that even the world’s largest banks would one day be forced to accept cryptocurrency and blockchain, even as they threaten to dislodge their current stranglehold on global finance.

He told this to Kara Swisher on her Recode Decode podcast, saying how Ripple had not fought against the current banking institution but had instead cooperated with regulators and financial institutions. Garlinghouse believed that systems that tried to find ways round state restrictions related to money laundering and terrorist financing would eventually fail because banks were here to stay:

“I don’t think banks […] governments will go away. Banks are applying a very important regulatory framework that I actually think is important for society. I personally believe that banks will continue to serve that role, they’re good at it […] I think this is a new set of technologies that they can benefit from to grow their business.”

Since banks would be a natural part of the solution, Garlinghouse believed that only cooperation would be a viable direction, noting that XRP and Ripple aimed to reduce remittance costs for cross-border transfers of money with banks, but that not all regional and top-tier banks would adopt the same response:

“99% of banks love what we’re doing, because we’re democratizing something that’s controlled by a small number of banks, their competitors…  [even the] biggest of the big…”

 

Follow BitcoinNews.com on Twitter: @bitcoinnewscom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Pixabay

The post Ripple: Even Big Banks Will Embrace Crypto appeared first on BitcoinNews.com.

200 Banks, Financial Institutions Adopt Ripple Cross-Border Upgrade

200 Banks, Financial Institutions Adopt Ripple Cross-Border Upgrade

The latest version of Ripple’s cross-border payment platform, xCurrent, is now live and operational. This means that Ripple’s 200 plus clients, all banks and financial institutions, now are able to integrate xRapid, the fast, secure and cheap way to complete cross-border payments using Ripple’s native token, XRP.

Ripple chief technology officer David Schwartz announced the official upgrade on Twitter:

“4.0 is live. We’re working to get all customers upgraded, but it’s a complex process. Multihop, xRapid support, much easier peering, and a much easier customer integration process are the major new features.”

In theory, this means that all of Ripple’s customers on the RippleNet network of banks and payment service providers are now able to leverage cryptocurrencies and other digital assets, via the use of xRapid (powered by XRP). This achieves “increased product interoperability” as well as speed and liquidity of cross-border payments.

Ripple is one of the most prominent blockchain firms in operations and has a focused on international payments, as well as its own native cryptocurrency XRP. Because it is a company that controls and issues its own supply of XRP, it has had legal issues with the US government, with a current securities lawsuit still in federal courts. The ruling declared that the class action suit against Ripple CEO Brad Garlinghouse, Ripple Labs and its subsidiary XRP II for allegedly selling unregistered securities.

 

Follow BitcoinNews.com on Twitter: @bitcoinnewscom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Pixabay

The post 200 Banks, Financial Institutions Adopt Ripple Cross-Border Upgrade appeared first on BitcoinNews.com.

Is 2019 the Year of the Crypto Bull Market?

Is 2019 the Year of the Crypto Bull Market?

How Long Will the Crypto Market Bull Sleep?

Speculations about the cryptocurrency market continue to weigh heavily on the hearts of crypto enthusiasts as the market is yet to improve from the slump of 2018. The space is now left with dashed hopes, closed crypto exchanges, layoffs, hacks and a whole lot of constructive partnerships by the very few who truly understand what the blockchain is all about.

Reality has become grim for investors who hopped in at the all-time-high, especially shattering the expectations fueled by crypto influencers – the claims of Bitcoin reaching a high of USD 100,000 at the end of 2018. The ‘lambo’ songs that once reigned in many social communities have lost its savor as the lingo is being replaced with more realistic expectations such as measurable development goals and expected platform launch date.

Where are the 1000x’s promises?

Tough times greeted the new year, though still at the beginning of the year, many investors, as well as spectators, are wondering why the market still hasn’t had a bull run even though interest in blockchain has spiked. Some blame it on the delay in the entry of institutional investments.

Ripple CEO Brad Garlinghouse provided his personal opinion in a Blockchain Summit in Europe held at Brussels, saying that he estimates a 5 to 10 years waiting time for mainstream crypto payments.

This may be heartbreaking, as 5 years is indeed a long time to wait before hitting those 1000x’s again. More so, one would wonder if Ethereum’s co-founder Vitalik Buterin was right about his earlier predictions on the end of 1000x’s in crypto space. However, in just under a decade, cryptocurrency has evolved many times over.

The flagship cryptocurrency Bitcoin started its dramatic steep decline in the wake of 2018 and dragged the whole market with it after grazing an all-time-high of USD 20,000 the previous year. The cryptocurrency market with a cap of over USD 813 billion in November 2017 has now dropped to USD 114 billion according to data from CoinMarketCap as at press time. Surely, this drop in market value is enough to make investors wary.

The previous 3 years had seen a steady rise of activity in ICO markets, with 2016 recording an approximate fund collection of USD 93,922,741; USD 6,576,372,746 in 2017;  a reportedly recorded USD 21,576,147,596 in 2018 and now, in 2019 ICOs have raised over USD  126 million and still counting, according to data from CoinSchedule. With these humongous figures, it behooves one to wonder what happened to post-ICOs and why the current conditions appear rather stale.

What’s wrong with Crypto?

Brad has said that the biggest risk in the market is regulatory uncertainty. With the Securities Commission of different jurisdictions like the US SEC breathing down the necks of ICOs for securities compliance and making scapegoats out of defaulters, startups are exercising more caution. Binance CEO Changpeng Zhao had opined that 2018 was a year of correction and expressed his confidence for the future of crypto, however, he also pointed out that lack of clarity from regulators was a major drawback.

An analyst from JPMorgan expressed his skepticism about cryptocurrencies saying that real use for cryptocurrencies will only be in a dystopia – [one that has been duly noted in some hyper-inflated economies] – and that despite the correlation, the crypto market has with traditional assets, it’s of little value because of the prolonged bear market.

Legislation has indeed pegged the growth of the industry to a certain degree – at least from the cryptocurrency market perspective. However, some jurisdictions are opening up to the Idea of regulating the space in a way that innovation isn’t stifled. What’s left is for blockchain projects to live up to the hype that once ruled the space by developing more proof of concepts that are usable beyond the cryptomarket, as the market has so far proved to be a poor benchmark for the healthy state of blockchain enterprise.

For a while, the promise of institutional grade crypto services by elite financial systems such as Fidelity, and Intercontinental Exchange’s Bakkt has held many ‘hodlers’ ransom. Fortunately, as the space continues to mature, it becomes less reliant on external influences and survives on its initial narrative – decentralization.

Amid the market downturn, regulatory uncertainties, organizational restructuring, high expectations of institutional players; immense developments and innovation are driving adoption such as the rise in the numbers of Bitcoin ATM kiosks, use of crypto in charity, banks collaborating for cross-border payments, legacy systems shifting towards blockchain to tackle logistics problems. Perhaps, the market is just one trigger away to the next bull-run.

 

Follow BitcoinNews.com on Twitter: @BitcoinNewsCom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Pixabay

The post Is 2019 the Year of the Crypto Bull Market? appeared first on BitcoinNews.com.