Brad Garlinghouse, the CEO of Ripple (XRP) joined Simon Taylor at Money 20/20 Europe as he talked about Ripple, XRP, xRapid, xCurrent, decentralization and much more. Simon Taylor interviewed Brad this week as they shared the stage during the event between June 4th – June 6th to talk about his company – Ripple and their projects.
Brad began as he exclaimed “all the music and thumping back in the ground was all about excitement on the announcement made today about what we are doing with xRapid.” He made an announcement earlier that day, prior to the interview where he mentioned that they have seen a lot of continued investments in the XRP ecosystem but they, Ripple, wanted to go beyond that event.
They are working with seventeen universities around the world where they are funding 50 million dollars. Contributing that to those universities to further invest in blockchain and crypto. This really is the workforce of the future and he thinks there are so many different ways that these technologies can be used to catalyse industries to change the way global commerce is flowing. He thinks using these technologies for that workforce for the future could really change.
This is also about addressing some of the seats of centralization as well a little bit like seeing them running as validators and things like that. Certainly, some of the universities are working with they are going to be running validators. “It was important that this was really a philanthropic effort and it wasn’t just like we are going to do X, Y, Z and we tell you to do these things,” explained the CEO.
It was really a stepping back and which is why they did not even require that the research and some of the Ripple (XRP) fellowship launching in Pennsylvania. It is not even required that it is just focused on XRP. They want to understand blockchain technologies broadly and they are going to further the research and further the usage of those broadly.
xCurrent is the cross-border fiat to fiat payment while xRapid is based on the XRP digital asset what people know very well by now. $170 million dollars of XRP was sold in Q1 which they declared publicly and which is now building the war chest. When asked Brad if he believes in the time that flips into being revenue from providing xRapid and xCurrent more so than selling XRP, he replied saying “you know we definitely continue to see both sides of the business grow quickly.” They have crossed the stage as they signed up more than a hundred customers on XCurrent and are seeing more customers sign up on XRapid as they had publicly disclosed six or seven of those. Ultimately, when they think about success it’s how they drive the success of the XRP ecosystem broadly.
They are one of the many participants in that ecosystem, in fact, the most interested participants. They own about 60% of all the XRP and one of the reasons why they are so proactive and transparent about what they do with XRP is because they want to be a “steward of the industry”. They want to make sure there is total transparency and so they do, as a reference, send out a quarterly report and put it out there to share exactly what they see happening in the ecosystem, what they’ve sold, what others are doing. Because, they want everyone to participate and benefit from that ecosystem.
When it comes to participation and benefit, like pretty much anyone can buy the XRP, if they were to go to a Cryptocurrency exchange. So, exactly is buying XRP?
Well, the CEO himself or anybody in the entire team can never know who is buying the XRP on Bitstamp or Kraken or anywhere else. Because, they are their customers. The CEO revealed that they, Ripple, themselves sell a lit bit of XRP directly. Brad actually was quoted publicly as saying he cringes when people talk about promoting a digital asset. Ripple never tries to promote XRP as a digital asset, they try to demonstrate its usefulness and product flows in solving a real problem.
The first thought in terms of potential conflicts is an assumption that Ripple (XRP) or the team that handles XRP separately actually could control the price of XRP which is not true, they cannot. It is important for any healthy market to not have a player controlling the market and Brad made a comment, not on stage, but separately. “Ripple the company had the best quarter ever in Q1, we signed up more than a bank a week to production contracts.”
And production contract in a way means they intend to switch on XCurrent to XRapid but real flows and real money, not experiments. He thinks that the problem in the ICO market is so many of these tokens don’t have usefulness. The long-term value of any digital asset will be derived by the usefulness of that digital asset, by the utility it delivers. And there’s a gap between when it’s initially available and when it becomes useful.
He concluded by saying:
“I think Ripple has been successful in part because we’ve been very focused on let’s solve one set of problems for one set of customers and we’ve got a very deep there and our momentum there is I think served us well.”