Ripple has been in the news multiple times recently because of its efforts to improve the cross border transaction industry. This has been done by taking initiatives with other banking partners or cryptocurrency companies.
Garlinghouse frankly admitted that China’s efforts in the virtual assets space have been commendable. According to him, the United States could look at China and take a few notes about blockchain adoption. China’s crypto push is no longer a secret as reports recently pointed to the multiple blockchain patents being filed in the country. In Garlinghouse’s words:
“What China has been doing is fascinating, If you look at the factors necessary for cryptocurrency adoption, China leads there too. The country has a majoritarian hold on the mining power and have been very strategic about working to create a better economic powerhouse.”
The Ripple CEO was confident that if a country like the US would adopt China’s model, it would attract a lot of new users to the crypto wave. Garlinghouse then talked about how central banks were getting into decentralized technology.
He was again positive about the developments as he believed in its long-lasting run. Reports about China’s proposed digital coin have been doing the rounds of late and some believe that it would ignite the spark of adoption.
Brad Garlinghouse was also asked if Ripple would ever adopt a FedCoin if the US Federal Reserve were to release one. For the first time in public, the CEO admitted that Ripple would be open to that idea. He continued that any asset that adds traction to the cryptocurrency revolution would be accepted.
Ripple’s ongoing partnership updates began a trend where other coins were ready to jump on board. Garlinghouse stated that any new central bank backed digital currency must be more accessible and efficient than existing assets. This was his segue into Ripple’s other pipeline plans.
Garlinghouse informed users that just like Amazon, Ripple would also be diversifying into other verticals. This would allow digital assets such as XRP to penetrate other sectors of the market.