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Brad Garlinghouse is in Singapore, for the Fintech festival in Singapore. Yesterday, he held an interview with Bloomberg and shed light on the progress of ripple, such as where technology is today in terms of adoption and the challenges they have faced throughout the year.
Key results
According to Brad, growth has made tremendous progress in terms of adoption by the banking sector. He claimed that ripple was signing about 2 production contracts per week, with banks and other financial institutions. Basically, this means that every week, at least two financial institutions are signing up for ripplenet, one of the ripple products including XCurrent and XRapid.
Key challenges
While they made tremendous progress, the CEO of ripple made it clear that it was not without challenges. He stated that 2018 was not what they expected it to be, in terms of institutional interest in digital assets. He blamed this on a lack of regulatory clarity on this technology. For example, he said that in Singapore and other Asian countries where there is regulatory clarity, the adoption of digital resources has been quite good. He specifically identified the United States where the lack of regulatory clarity slowed the large-scale adoption of chain technologies and all other digital products by the institutions. He also touched on the proper custody of digital resources, although this has improved significantly in recent months.
Takeout for XRP investors (XRP)
From this interview, it is clear that the demand for ripple products is increasing, especially in Asian countries, where there is regulatory clarity around digital resources. Since many of them are signing up for XCurrent, it follows that in 2019 many of them could upgrade to XRapid. This is because XRapid offers even greater cost efficiency up to 60% of costs. This is a huge incentive for banks seeking a competitive advantage in the cross-border payment market. Because this onboarding gains traction, the value of XRP (XRP) is also an investment.
From this interview, investors can also deduce that once there is regulatory clarity, such as the one that Brad Garlinghouse calls a "global picture", adoption rates will increase significantly. This could positively affect the value of XRP in the long run. Even in the United States, where regulations are moving slowly, there are indicators that things are moving in a positive direction. For example, Bakkt's approval is a step in the right direction. It means that the SEC is slowly becoming aware of the permanence of digital resources both as investments and as technologies that could transform society.
Custody services are also coming, like the Coinbase custody service that targets institutional players. As they come out more, institutional money will start looking for cryptic investments.
A confluence of these factors indicates the possibility that XRP (XRP) is headed for some good future. Today, XRP (XRP) is one of the few encrypted in the green even if the rest of the market drops. It is an indicator of the fact that momentum is developing around XP.
