Garlinghouse, CEO of Ripple, the company with $60 billion worth of the digital currency XRP, has said that next generations of digital assets will continue to improve payments methods following the objective on which Bitcoin was founded.
While speaking Bloomberg Asia in the Millennium 2020 conference in Singapore, Garlinghouse has stated that comparing Ripple to Bitcoin is “a compliment” but his company is further expediting the move to introduce more convenient cross-border payments.
Garlinghouse believes that Bitcoin laid the foundation of digital assets and presented blockchain network to the whole world but due to increased speculations about its price, it is now deemed as an investment platform rather than a payment network. He symbolizes Bitcoin as Napster of digital assets, the pioneer online music sharing platform that became popular some 15 years ago, but was unable to proceed with its objective. As he stated,
“Some may look back at Bitcoin and say that it is the Napster of digital assets. What I mean by that is that Napster was the first to digitize music and demonstrate that you can do a lot of cool things with that. But ultimately they were circumventing trademark laws, they were circumventing royalty payments and then the government stepped in and Napster wasn’t successful. But Spotify, iTunes, and Pandora were successful.”
He has a strong opinion in favor of “the next generation of digital assets” which will solve some of the payment problems that “Bitcoin set out to solve”.
Meanwhile, Ripple is unique to other crypto-world giants for its point of view of working in compliance with the regulators and governments. Whereas other crypto companies prefer to grow in the dark world.
It must be noted that Ripple is a San Francisco-based crypto company which is developing a network for fast, global financial payments. XRP is the name of the digital token that financial institutions on the network can use for quick transactions. XRP is trading at $ 0.7717 (as of writing) and here’s how you can buy some.