Ripple CEO Brad Garlinghouse recently had a great interview with CNBC. He is optimistic that many financial institutions will be using the Ripple network by the end of next year. According to Ripple, the XRP Ledger closes a ledger after every four seconds. This first ledger closing speed is what gives XRP its fastest settlement speeds.
This isn’t the first time Brad Garlinghouse is heard boasting about his company’s potential. “I have said it before that by the end of 2019; the xRapid ledger will be a significant tool in banks around the world. Before 2019 comes to an end, I believe that dozens of banks will embrace Ripple,” Garlinghouse said during an interview a few months ago.
We will see a rise in mass adoption of Ripple by 2019
The project is reportedly working on a project to offer financial institutions liquidity solutions for cross payments. The xRapid is one of these solutions. Ripple developed it to in order to make cross-border payments faster, transparent and inexpensive. This product was created for financial institutions that deal with international money transfers.
The technology does away with middlemen, hence saving banks a significant amount of money and time.
Garlinghouse also talked about the price of Ripple (XRP). He said: “The industry is nascent and speculation is what dominates the market action. In time, people will understand the unique use cases. Bitcoin will be a panacea as people suspected it will be. Bitcoin would solve different problems. There are different kinds of blockchains and ledgers being created daily.”
According to Ripple, the blockchain startup is adding at least one financial institution to its network every week. If more banking giants develop an interest in XRP, the price of the cryptocurrency can rise sharply. Moreover, the amount of trust in the digital currency will increase as well, thereby bringing even more attention to it.