Ripple CEO, Brad Garlinghouse, has dismissed fears that the coronavirus pandemic will negatively impact the company’s growth this year.
The 49-year-old former AOL and Yahoo Executive spoke at length during a virtual meeting that was published on YouTube.
Garlinghouse said that while the pandemic had a notable effect on people’s personal lives, it paves the way for success in assets like gold and cryptocurrencies.
He stated: “The kind of debasement of currencies, when we saw in the global financial crisis, kind of 2008, 2010, depending on what time scale you want to use, you saw a lot of new deficit spending and the inflationary dynamics, and that was very positive for gold.”
He added that as the global economy balances on the brink of a recession, central banks will begin to adopt digital assets.
“I don’t think cash services are going to go away tomorrow.” The Ripple founder added. “I think we’re going to see them diversify. And more will happen digitally and I generally think that’s good for us. I think you’re seeing central banks more than ever thinking about how digital assets could be used.”
Although the XRP token has suffered in 2020, as mentioned in Coin Rivet’s technical analysis, Garlinghouse revealed how volume on the Ripple Net had increased exponentially.
“We saw an 80-85% increase in volume across the Ripple net between Q4 and Q1…Specific to our on-demand liquidity there was a 190% increase from Q4 to Q1.” He continued.
“We saw some of our big customers in Thailand go live, and it’s driving a lot of volume. We ended up signing, 28 new production contracts in the quarter and so despite the dynamics of the pandemic, we were able to finish the quarter on a strong note.”
Ripple has secured a number of partnerships with multinational payments companies in 2020 to demonstrate the company’s relative strength in the industry, in spite of XRP’s flailing price.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.