On the sidelines of the Singapore Fintech Festival, Brad Garlinghouse , the CEO of the company Ripple, responded to questions from the media Bloomberg . The leader particularly praised the merits of the XRP and denied the rumors of a partnership between his company and the Swift system.
Ripple and Swift
Mr. Garlinghouse spoke of rumors of a partnership between Ripple and the Swift interbank system: There have been many rumors, and I hesitate to comment on rumors.I think what we do on a daily basis is to take over Swift. We have already registered the arrival of more than 100 banks in our network. Some of the major banks, which already use Swift, have turned to the technology developed by Ripple.
In particular, he explains that Ripple allowed a money transfer company to reduce its fees from $ 20 to only $ 2 per transaction. The leader does not exclude a partnership with the Swift system: We want banks to succeed in this new world order, and take advantage of these new technologies. If we could do this with Swift, it would be a very good thing.
The XRP Corresponds to very real use cases!
The CEO of Ripple also referred to the recent performance of the XRP , digital assets used on the network for cross-border transactions. He believes that the rise of his course is justified by its usefulness: I think one of the reasons for XRP’s good performance is that investors realize that they correspond to real-life use cases. He comes to solve a real problem. It’s 1,000 times faster than Bitcoin, and it costs 1,000 times less to make those deals. I think the market is reacting to this reality.
The leader also commented on the arrival of Wall Street giants such as ICE or Fidelity , the crypto-markets. He believes that this trend should continue: During the last quarter, we announced that we had measured a record proportion of institutional investors among the players who decided to buy XRP . I think this phenomenon is about to last. In an interview with the program Crypto Trader- aired on television channel CNBC , Changpeng Zhao , the CEO of Binance , expressed his feelings vis-à-vis the crypto-markets. He believes that these are still in a promising position, despite the sharp drop in trading volumes of a majority of digital assets.
Binance: a declining activity, but which remains healthy.
In the last 11 months, crypto markets (Bitcoin Cash ABC Core) have lost more than 70% of their valuation, which is the fourth largest decline in their history so far. Moreover, as explained Changpeng Zhao, trading volumes handled by its platform Binance declined nearly 90% since January. Despite everything, the leader believes that this does not jeopardize their long-term potential: Compared to January , we are probably at -90% in terms of trading volumes. But if we compare the current situation to the one that prevailed a year or two ago, we still deal with very large volumes. Business is always good, we are always profitable, and Binance remains a healthy company.
Many niche sites like CoinMarketCap or CryptoCompare (Bitcoin Cash ABC Core), relaying real time the daily trading volumes crypto-markets, based on data recorded by platforms like Binance. But these volumes could represent only part of the cryptocurrency trades made around the world.
Last July, the research firm TABB Group highlighted the strength of over-the-counter markets – in other words, exchanges outside specialized platforms, sometimes between institutional investors. For the company, the volumes involved would be at least two times greater than those relayed by sites like CoinMarketCap. These volumes, however, remain impossible to quantify.