On day one of Money20/20 Europe, leaders from the world’s biggest banks to newly minted FinTech startups focused on two themes – innovation and partnership – with much of the conversation centering on the increasingly important role of blockchain technology across the industry.
Ripple CEO Brad Garlinghouse took the conversation one step further. In his fireside chat entitled, “Blockchain, digital assets and reimagining global payments,” Garlinghouse bluntly informed moderator Simon Taylor, co-founder of 11:FS, that “experiments are not a business model” and called attention to the hype outpacing reality in the blockchain and crypto space – noting that “it’s way out of whack.”
“Ripple is going deep with customers, solving real problems and seeing real progress,” Garlinghouse went on to say. He explained that Ripple uses blockchain technology and the digital asset, XRP, to address the major pain points in cross-border payments – making them dramatically faster (from days to minutes), lower cost (40-70% savings) and more transparent (similar to other banking services today).
But Garlinghouse was also quick to point out the difference between Ripple’s solutions and other services, such as Apple Pay, that put a slick front-end on the same old infrastructure....
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Insights – Ripple
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