Ripple CEO Brad Garlinghouse has revealed how the company wants to bring more banks and financial institutions into the cryptocurrency space.
Speaking candidly at a recent SWELL event, Garlinghouse launched a series of scathing comments towards payments processor SWIFT, which he labelled as a “one-way messaging system”.
“You execute a SWIFT wire transaction and the only way you know I received it is when you send me a note saying ‘hey, I sent you a wire’”, he said.
He added that “this does not need to happen in a world where people can use better technology”.
While Garlinghouse believes SWIFT’s cross-border payments technology is as revolutionary as a “postcard”, he claimed that Ripple has enhanced the existing infrastructure.
“What we have done is really taken that very rudimentary conversation infrastructure that was built decades ago and said, let’s have a two-way messaging framework,” he continued.
On the topic of getting banks and institutions involved in the crypto space, the controversial Ripple boss said: “We wanted to bring banks, financial institutions, into the opportunities represented by these new technologies.
“And you know frankly, starting with the deep end, I will say that the deep end is going all the way into using digital assets to solve some of these problems as opposed to gradually working them into that.”
Garlinghouse and Ripple have come under intense scrutiny this year for XRP’s ambiguous status under securities law, although the company’s CEO is adamant that “it is not a security”.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.