As cryptocurrencies get more popular, entities like Ripple are seizing the opportunity to develop and showcase their blockchain-based solutions. Ripple formulated XRP, and it has been on the forefront to foster the crypto’s adoption.
Speaking during the Economic Club of New York, Ripple’s CEO Brad Garlinghouse sought to compare XRP transactions with fiat transactions, saying that XRP’s quick liquidity makes it less volatile and better than fiat.
Over the last few years, Ripple has been on a serious charm offensive to attract as many financial institutions as possible to its growing base of partners. Ripple offers its payment solutions to these clients on RippleNet, boosting transaction speeds and reducing costs.
As expected, many institutions have joined RippleNet to utilize this benefit. Some have already expressed interest in adopting the use of XRP in cross-border transactions. Ripple’s client base has now grown to over 200, with more deals being signed every week.
Crypto Trading Is Basically Speculation
Going forth, Brad chanced that looking at the current market dynamics, crypto trading is based on mere speculations which various analysts and investors rely on in their business. Besides XRP, there are over 2,000 other cryptocurrencies that anyone can trade in.
However, Brad added that the true value of any cryptocurrency lies in the utility it provides. Indeed, a quick look at the long list of cryptos currently in the market shows that most of the coins don’t have an actual utility. That makes XRP the better choice, despite the fact that it’s valued way less than some of the others.
Why Libra Is Failing
A few months ago, Facebook announced plans to introduce its own crypto named Libra. However, the Libra project seems to be constantly running into trouble with the authorities.
According to Brad, Libra is now having a hard time because it seeks to totally replace fiat as opposed to complimenting fiat shortcomings – and it’s a hard task to try to introduce a whole new and supposedly uncontrolled global currency to replace fiat.
Bitcoin Vs XRP
For some time, many people have come up in arms to protest Ripple’s ownership of roughly 55% of all XRP created. In an attempt to counter this line of attack, Brad tried to shift focus to Bitcoin, saying that the fact that over 80% of Bitcoin mining pools are run in China is an attack on the decentralized nature of the crypto ecosystem.