"It was not about replacing banks" – Ripple's CEO speaks to Swell


Ripple CEO, Brad Garlinghouse, spoke yesterday two days "Swell of RippleEvent in San Francisco, California.

"It was not about replacing banks, there is an opportunity to be a builder and a partner with the industry" he stated in his opening speech.

He continued to compare Ripple's network with that of shipping containers, which led to a 700% increase in global trade, facilitating interoperability between maritime and land vehicles.

The former president of the United States, Bill Clinton, was probably the most famous orator of assist l & # 39; event. He opened the event together with the former director of the National Economic Council Gene Sperling and spoke about emerging technologies.

"It is not possible to apply an old regulatory regime to a new technology" he offered. "Finish to kill the goose that laid the egg of gold."

The former member of the International Monetary Fund (IMF) council, Sunil Sabharwal, joined Rice Coad founder Gaga Anja Manuel on stage to discuss the regulation of blockchain and cryptocurrency. Sabharwal talked about his confidence in Ripple and DLT (distributed ledger technology) to reduce 7.5% of the average cost associated with the cross-board remittance.

He also highlighted the problems of corruption and fraud that must face foreign charity and aid. "Probably about 30 percent of it disappears", Said Sabharwal. He believes that Blockchain offers significant opportunities to reduce this figure.

Other speakers include Mohsen Alzahrani, Head of Innovation of the Monetary Authority of Saudi Arabia, Andrew McCormack, Vice President of Payments & Technology at Payments Canada and Marcelo Yared, CIO of Banco Central Do Brasil.

The first day of the event ended with a performance by the American rock group Counting Crows.

The second day of the event will see regulatory discussions and insights on the future of trade by members of various institutions including the IMF, Thai SEC, eBay and the New York Attorney's Office.

Ripple also announced Yesterday it is highly anticipated that the xRapid product is now alive and ready for commercial use.

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