The CEO of Ripple, Brad Garlinghouse, is certain that if the technology is applied to address real-world issues, cryptocurrencies will be stronger than they have ever been. Today, Garlinghouse tweeted some of the observations he made while speaking on stage at the London 2022 Ripple Swell conference.
“As I said on stage – I firmly believe that crypto will be stronger [solving real-world problems with crypto and blockchain] if we keep focusing on transparency and trust,” he said.
Garlinghouse stated that Ripple, a pioneer in the blockchain industry, would keep taking the lead in fostering openness and trust in the cryptocurrency sector.
Ripple Concentrates on Using Blockchain to Address Real-World Issues
With blockchain technology, Ripple is primarily focused on resolving practical issues, particularly those related to international payments. Garlinghouse also highlighted some of the achievements made possible by Ripple’s usage of cryptocurrencies and blockchain technology in the world of international payments.
Garlinghouse claims that the business has used RippleNet, a worldwide financial network technology, to handle over $30 billion in fiat and cryptocurrency payments. He continued by saying that Ripple recently partnered with top fintech firm MFS Africa to expand On-Demand Liquidity (ODL) coverage to Africa.
It is important to note that ODL is a Ripple product that employs XRP as a bridge currency for international settlements. Nearly 40% of payout markets, or 90% of the foreign exchange markets, are currently live on ODL.
According to Garlinghouse:
“Despite some headwinds, I’m immensely proud of the Ripple team who day in and day out focus on helping our customers move value around the world – whether remittances, individual payments, bulk funding, treasury management, and more,” he stated.
Ripple Solutions Are Generally Adopted
As previously mentioned, a number of conventional financial institutions have joined forces with Ripple to utilize the company’s payment services for cross-border settlements.
To expand RippleNet throughout Eastern Europe, Ripple teamed up with FINCI, a Lithuanian fintech business, in May. In order to facilitate cross-border settlements in Mexico, it is said in the statement that FINCI and Ripple collaborated to employ an ODL solution.
In order to improve its cross-border treasury flow, Philippines-based fintech business I-Remit stated in September that it had increased its use of Ripple’s ODL.