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Ripple (XRP) has recently been a common phrase in the mainstream media as well as the cryptocurrency industry. In a chat dubbed “A New Payments System for the Digital Age,” Ripple CEO, Brad Garlinghouse graced the audience at the Money20/20 Asia meetup alongside the moderator Faisal Khan. In the chat, Brad shared Ripple vision, the future, XRP as well as the Internet of value.

The CEO of Ripple was not the only guest at the chat meeting, Dilip Ratha, World Bank’s lead economist in charge of migration and remittances, was on stage before Mr. Garlinghouse. The economist talked about worldwide money transfer and outlined some crucial insights on the future cost of remittances. He went further to describe the role of the World Bank in sustainable development enabled by lower cost of remittances. The vision of the bank is to reduce the cost of worldwide remittances from 7% to 3% percent by 2030.

Ripple (XRP) CEO quickly connected the sentiments of the Word Bank leader and said:

“If we haven’t lowered the cost of remittance payments by 300 basis points by 2030 as a business, we have failed.” He added, “If we’re successful, we’re not talking about 300 basis points. We’re talking about 30 basis points for the cost of remittance payments.”

The statement by Garlinghouse speaks volume about the vision Ripple has for the financial sector and especially global remittances. The cost of remittance is quite high; besides, the traditional banking systems are very slow which reduces the cost-effectiveness. According to the CEO, the future cost of remittance payment currently amounting to $200 should cost a mere $60.

Furthermore, Ripple is working on establishing the Internet of Value within the said timeline. The achievement of this will place Ripple at the center of not only global remittance, but also reduce the cost of cross-border payment. Brad aims at ensuring that money transfer from country-to-country is fast, flexible, efficient as well as affordable. In other words, he envisions instant money transfers.

In the chat, the discussion touched on the need for the Ripple (XRP) real-time solutions to be adopted into the financial industry to eradicate the friction that emanates from global payments. Garlinghouse believes that success is inevitable if the digital assets committed to working hand in hand with the financial institutions. “global payments and banking won’t be changed from the outside; they will be changed from within,” he argued.

Garlinghouse emphasized the prowess of Ripple XCurrent money transfer solution when compared to the widely used SWIFT system. He reckoned, “SWIFT’s published error rate is six percent,” said Garlinghouse. “Imagine if six percent of your emails didn’t go through without additional human intervention.”

Still, on the SWIFT subject, Brad continued, “We’re talking about three seconds of volatility risk when using XRP for cross-border payments. The reality is you’re exposed to more volatility when doing a traditional transfer with fiat currencies, and that takes several days.”

Brad Garlinghouse concluded the chat by saying, “The reality is we’re working with decentralized technology. If Ripple (XRP) goes away, and I really hope it doesn’t, the XRP Ledger will continue to exist.”


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This information should not be interpreted as an endorsement of cryptocurrencies or a recommendation to invest. Historic performance is no guarantee of future returns. As an investment class, cryptocurrencies are speculative investments and investing in cryptocurrencies involves significant risks – they are highly volatile, vulnerable to hacking and capital loss and sensitive to secondary activity. Before investing you should obtain advice and decide whether the potential return outweighs the risks.
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