Ripple’s CEO, Brad Garlinghouse, while attending the Swiss National Bank Conference, spoke to several authorities in the financial industry and reportedly made a very good impression. Attendees includes the International Monetary Fund’s Managing Director Christine Lagarde and several prominent figures from central and private banks across the world.
Garlinghouse spoke about what Ripple was doing, and its technology and products to the crowd. Despite the fanfare that blockchain-based solutions is garnering, many in the traditional financial industry are still unaware of how a distributed ledger can benefit their work processes and enable cross-border payment solutions that are better in every which way.
Garlinghouse explained Ripple’s purpose before stating why it was the blockchain that would be the gamechanger. He also described Ripple’s xCurrent as “SWIFT 2.0”, referring to the current system that banks use, and described xRapid as,
xRapid is really when we use XRP to fund real time liquidity, Immediately we found demand for xRapid by banks & institutions
Brad Garlinghouse At Swiss National Bank Conference, videos in thread.
"xCurrent is essentially Swift 2.0"
"xRapid is really when we use XRP to fund real time liquidity, Immediately we found demand for xRapid by banks & institutions"#XRP #XRPcommunity #XRPTheStandard #xrparmy pic.twitter.com/XBzEuZczru
— Dillon (@Dillon) May 17, 2019
The CEO made a pitch that was certain to hit the right notes with these banking industry insiders, focusing on how Ripple’s technology would benefit their own companies. At the same time, Garlinghouse mentioned how Ripple’s products would also make operations more cost-effective and accessible to smaller banks and companies. In other words, make the industry a more fair and open one.
Earlier this year, Ripple became a founding member of INATBA, a European Commision backed coalition to help increase adoption and growth, and the CEO has been reported as having spoken to the IMF’s Christine Lagarde. The latter has also praised the potential in blockchain technology, having said that “cryptocurrencies are clearly shaking the world.”