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Ripple's CEO, Brad Garlinghouse, is addressing rumors that Swift and Ripple are working on a behind-the-scenes partnership.
In a new interview with Bloomberg, Garlinghouse was asked if the recent rumors about Swift joining Ripple are true or strictly speaking.
"Strangely, there are many voices and I am reluctant to comment on any rumor, because if you comment on the false rumors then you have to comment on the real voices, and so you avoid them all."
According to Garlinghouse, a potential partnership with the global payments network is somewhat irrelevant, because he believes Ripple is already seeing Swift.
"I think what we are doing and doing on a daily basis is actually taking control of Swift, and we have now registered over 100 banks – some of the largest Swift-enabled banks in the world are now using Ripple technology.
Just last week we saw a remittance company that uses Ripple technology – they reduced the price per transaction to their consumers from $ 20 per transaction to $ 2 per transaction, and saw an increase in the use of 800% at night. This is the kind of dynamic that Swift can not support and that we are able to deal with right now. And this is something we've only seen in the last two weeks. So, we certainly want to see the banks succeed in this new world order and take advantage of these technologies. To the extent that we can work with Swift to do it, then it's great. "
Garlinghouse has also addressed Swift's position on blockchain, saying that technology has been proven and here to stay.
"We believe that blockchain technologies are a huge step forward in terms of how the corresponding banking has historically functioned – the technologies that banks use today that Swift has developed decades ago – has not really evolved and kept pace with the market .
We feel like we're here to help the banks. Swift is owned by the banks. There have been opportunities where perhaps there are partnership opportunities. We have not been able to complete them. But we will continue to focus on solving the customer problem. Swift said not long ago that they did not see blockchain as a solution for the corresponding bank. We have over 100 of their customers stating that they are not in agreement. "
Regarding the XRP cryptocurrency, Garlinghouse states that the digital asset is solving a real problem on a large scale.
"I think any long-term digital asset will be assessed on the basis of the problems it is solving. Does it solve a real problem on a large scale? I think people have increasingly seen that XRP is solving real problems, both as Ripple is using it to solve a problem of cross-border payments.To sell those technologies to banks and financial institutions.
And I think this is a nascent market. There are many speculations. There is, frankly, a lot of hype. And as we separate that advertising campaign from reality, you'll see the diversion happen. So I think one of the reasons why XRP outperformed is because you're seeing that there's a real case of use. He is solving a real problem.
"You're seeing more and more companies entering the XRP ecosystem." It's a very interesting micropayment company launched in 2018, called Coil, and watching, how do you take advantage of XRP payments to enable a one-cent payment? , a payment of two pennies? If I'm going to read a website and do not want to pay $ 10 a month for any newspaper, I can actually read an article for a couple of cents that can be deleted.This is an example of how the others people take advantage of XRP as an extremely fast and extremely cheap way to get value.
It is 1,000 times faster than Bitcoin and 1,000 times cheaper than Bitcoin, to allow such transactions. You're seeing the market, I think, reacting to that. Ripple uses the same technology, on a large scale with financial institutions and banks. It was unequivocally a record year for us. We have signed two production contracts a week with banks, ranging from a large bank in Kuwait and Saudi Arabia. One of the largest US banks we announced a few weeks ago. In this way, since we are solving that real problem, I think it has stimulated enthusiasm and enthusiasm ".
Garlinghouse has also addressed institutional interest in cryptocurrency in general and XRP in particular, saying that interest is increasing.
"One of the reasons we're seeing so much interest in what's happening in Singapore, and one of the reasons I'm here, is because you see regulators giving clarity about how they approach cryptography, how they approach the blockchain. It allows companies like Ripple and other companies in the space to invest with certainty.
And so I think you're seeing more and more institutional interest in the cryptic space. Also recently, the parent company of the New York Stock Exchange, the ICE, announced their cryptocesto which plans to launch in December called Bakkt.
When I was here in Singapore a year ago at this same event, there were 30,000 people here. And this year there are 40,000 people and it's part of that regulatory certainty. He is seeing institutional interest from players such as the parent company of the New York Stock Exchange. You have seen Fidelity in the United States make announcements about their interest. And even with Ripple, the last quarter we announced that there was a greater institutional interest for people who came to us to buy XRP – that institutional buyer – than we ever had in our history. And I think you will continue to see it grow. "
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