During the recently held Money 2020 conference, the Executive Chairman and the Co-founder of the Ripple Company, Chris Larsen, spoke about his experience in the field of entrepreneurship and leadership. He also shared his opinion on several subjects, such as the Internet of Value, regulatory work in the cryptocurrency space and more.
Larsen’s approach to the development of new technologies is distinct from what is often witnessed. According to the business leader, any progress taking place under the umbrella of new technology must not go unchecked as it can prove to be a threat on a massive scale to the society.
He also cited Silicon Valley, conveying that the boat has sailed for the tech-hotspot amidst the ‘tech-lash’ that is going on in the world right now. Furthermore, he believes that Silicon Valley took a hasty approach to building businesses without looking into the consequences and is facing them now.
The Ripple chief switched attention to the FinTech side of the equation and stated that the industry has struggled in moving forward smoothly. This is because of two key aspects – Pure code and regulatory compliance. He added:
“Technology is embedded in everything these days, and people are scared. They don’t want to hear how you’re going to break things.”
Larsen integrated the human sentiment to entrepreneurship and mentioned that startups and tech companies require an empathetic approach. More so, the leader admitted that the industry has failed to acknowledge the shortcomings and potential threats that can arise from digital assets. Here, he stated:
“Teams should think about disruption from a different perspective — one that requires them to be smart, but also thoughtful.”
He also mentioned Ripple for Good, which is a social impact program by the company that aims to provide financial inclusion across the globe. In a Ripple blog, it was stated that STEM [science, technology, engineering, and mathematics], FinTech education and financial literacy are the key focus points for this program to succeed.
Next, he put forth the idea that one needs to work within the system to recognize the real obstacles and concerns associated with the industry. In his words:
“A big part of stopping this fetish for disruption is getting involved in the industry. Work with banks. By working with the system, you are automatically confronted by what the concerns are.”
He then spoke about XRP, by citing it as an example for solving the problem of global liquidity. He mentioned that digital currencies can keep the world from experiencing another financial collapse. The idea behind XRP is that the cryptocurrency can be used for instant cross-border transactions without possessing a nostro account. However, Larsen feels that this process can face a major fallback if blockchain space sees an over-regulation by the authorities.
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