Ripple’s CEO Brad Garlinghouse: Financial Institutions And Banks Are Confident To “Flip The Switch”
Ripple’s chief executive officer, Brad Garlinghouse, has drummed support for XRP, saying that financial institutions and banks are confident to “flip the switch” by integrating their digital asset.
Speaking to Fortune, Garlinghouse reiterated his belief of the 200 financial institutions and banks that have already collaborated with them, and are now looking to integrate xRapid, one of Ripple’s product suits that use XRP to enable cross-border transactions.
In his own words, Garlinghouse said that:
“This is the year the wheat will be separated from the chaff. Not many months ago, the media was saying no one will use XRP, which made for good skeptical headlines. Today, you can’t say that, as people are starting to use xRapid because it’s better, faster and cheaper.”
Euro Exim Bank To Use xRapid Beginning First Quarter 2019
Ripple has made significant strides towards popularizing its xRapid and many banks have shown interest in adopting it for their cross-border payments. One particular bank that is expected to begin its trials in the first quarter of 2019 is the Euro Exim Bank.
Exim bank aims to utilize XRP to power its payments across 80 countries in order to serve its global customers faster and better. Other institutions that will follow suit include Financial Transaction Control System (FTCS), a finance company based in Stockholm; Transpaygo, a mobile payment fintech company based in Vienna; SendFriend, a fintech company for global remittance market based in New York; and JNFX, a foreign exchange firm based in London.
Good News For Ripple’s 2019 Success?
Partnerships are important when it comes to any blockchain project. While Ripple has perfected on its marketing, convincing banks and financial institutions to join its network, it remains to be seen if the companies will succeed once they began to use Ripple’s xRapid for their cross-border payments.
With more partnerships lined up this year and many institutions looking to test Ripple’s new system, it’s likely that the value of XRP will skyrocket in 2019. Even with the recent price crash, Ripple has managed to beat its closest competitor in terms of market capitalization, Ethereum, taking the second spot after Bitcoin.