Ripple’s Asheesh Birla says working with banks is a “pain in the ass”

Ripple’s Senior VP of Product, Asheesh Birla, spoke at the Scaling and Digital Disruption in FinTech conference at Wharton School on Ripple as a company. He spoke in particular about working with regulators and regulation in general.

He started off by saying that Ripple made a decision at the genesis of the company that they were going to be “a company that partners with the incumbents”. Birla stated that regulation in Financial Technology [FinTech] is structured in such a way that it was not possible to skirt regulation for so long. He said:

“You’re going to see what the FCC is going to be doing in the next six months [to the ICO market]. We made a really smart decision to say like let’s be real, let’s build a real business.”

He further added that working with banks was a “pain in the ass”, and that it took two or three years for Ripple to build the products in the first place. He said that Ripple has grown to a point where they are selling their products to banks and closing a deal every week. Birla stated:

“We’re closing over a deal for a week, which is which is just incredible for a company like ours. [A lot of] rough things were going into working with them so I think that’s been I think a testament to, you know, sticking with it.”

He went on to state that its a “long game”, saying that if anyone was looking into getting into it they shouldn’t “buy that Tesla yet”. Birla feels like the company as a whole is another five to 10 years from the mainstream. On the growth of Ripple, he said:

“I feel like I’ve been through three phases of Ripple. The first phase was, we’re just a couple of people, what are we gonna do? The second phase is what I call zero to one which is how do we get that first customer on our product how do we make them happy. Now we’re at a phase [where we focus on] how do we become really big so that no one can take us down, and that’s the phase we’re in right now.”

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