Chris Larsen, the Co-founder of Ripple, spoke to Cheddar regarding the current state of Ripple. He also spoke about the “competition” that Ripple is facing and their progress towards signing banks.
Larsen stated that it was good that companies were focusing on solving for cross-border payments problems, as they have been doing so for 4 years. He stated that this area would have the highest impact and that it was the “killer app” for the whole blockchain movement. He went on to say:
“We’ve been at it longer than anybody. What matters is what corridors you have, the number of partners. We’ve got hundreds of banks, payment providers, remittance companies. Not just in experimentation mode, but in full production mode.”
Speaking about regulatory environments worldwide, Larsen stated that they see “great traction” in areas such as Southeast Asia, Japan, and Korea. He also spoke about Ripple’s movements in the Middle East, as they were signing “almost one” partnership every week. He also mentioned countries such as India and spoke about how Europe was moving forward. He went on to say:
“We’re seeing the world light up. The US is obviously very important in that dollar clearing. We feel great about the progress we’ve made with American Express. We’ve got some other partners that we’re really really excited about.”
Many investors and cryptocurrency enthusiasts have been against the lack of regulatory clarity given to cryptocurrencies. However, Larsen stated that it was the “best FinTech environment” in the history of the country. He stated:
“This administration gets that FinTech and innovation is as important as supporting the big guys, and the big guys and fintech can actually work together to accelerate the progress. We’re very bullish on the US regulatory system under this administration. I think the regulators are taking a thoughtful approach.”
On whether XRP would make a comeback in price, Larsen spoke about what gives a digital asset value. According to him, the asset needs to be serving an “actual use case”, barring which it would just be speculation. He stated:
“Over the long run it’s gonna be a combination of deep liquidity market makers. More importantly, it has to have a use case. The use case of the XRP Ledger and XRP the digital asset is really around initially reducing the cost of liquidity for cross border payments.
However, he gave a clear answer, when he stated:
“Long-term, we think it’s clear winner in this race to be another digital asset for the world for all use cases. It’s a long term play. You can’t just be a store of value for the sake of being a store of value, you actually have to have a use case.”
He was also asked about the information regarding the centralization of the XRP Ledger to Ripple. He dismissed the idea off the bat, stating that it was “bogus”, and that naysayers should look at the facts. He went on to say that 7% of the validators on the network were run by Ripple and that the XRP Ledger would function even if Ripple did not exist tomorrow. He said:
“Some would argue even more so given that proof of work leads to more centralization as you’re seeing with Bitmain and China. Consensus systems become more and more decentralized. You see a lot of nonsense and FUD out there look at the facts and I think it’s pretty clear.”
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