Ripple’s 3-Year Growth Strategy Unveiled By CEO Garlinghouse

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During an interview with FOX Business, Ripple CEO Brad Garlinghouse shared information about Ripple’s ambitious goals for development over the next three years. Notable plans include introducing a stablecoin backed by the US dollar and expanding into international markets, all while facing regulatory hurdles in the United States.

Ripple CEO Unveils 3-Year Growth Plan

When asked about Ripple’s anticipated growth over the next three years, Garlinghouse first highlighted the company’s substantial international reach, explaining that about 95% of its customer base resides outside the United States. In simpler terms, he noted that 95% of Ripple’s customers are financial institutions located outside the US.

Additionally, Garlinghouse clarified that Ripple provides payment and secure storage services based on blockchain technology and cryptocurrencies. He highlighted the essential products of the company and expressed a firm intention to broaden its horizons.

Despite some regulatory hurdles in the US market, which we discussed earlier, our non-US markets have been thriving for us. Our plan is to continue growing and developing the necessary infrastructure to support this expansion. We believe the potential in this area is enormous and will greatly benefit Ripple.

Ripple intends not only to improve its infrastructure, but also to increase the value and usage of XRP, the digital currency at the heart of its payment system. According to Garlinghouse, this will benefit both Ripple and XRP as they grow and become more widely adopted. “We believe that’s good for Ripple, we believe it’s good for XRP,” he stated, emphasizing the connection between Ripple’s expansion and the acceptance of its associated cryptocurrency.

Garlinghouse next discussed the details of Ripple’s upcoming US dollar-linked stablecoin, an essential step in Ripple’s plan to connect traditional finance and the rapidly expanding cryptocurrency market. He characterized the stablecoin as a solution to the increasing demand within the stablecoin sector, currently worth $150 billion but possibly growing to over $2 trillion. “Ripple has always focused on how we can link this new world with the more conventional one, often referred to as TradFi, traditional finance,” he added.

A US-based stablecoin project aspires to offer a dependable and regulation-friendly alternative versus rivals such as Tether, which operates beyond the United States and encounters varying regulatory oversight. This endeavor signifies a prudent step for Ripple to establish itself as a pioneer in compliant, secure, and accessible crypto-finance services. According to Garlinghouse, “I believe that sector will expand significantly. A compliance-focused American company holds immense potential.”

Regulatory Environment And Advocacy For Clear Guidelines

Garlinghouse additionally discussed the regulatory landscape in the US, voicing his frustration over the sluggish advancement of laws which he thinks restricts market expansion. “Washington is still working to grasp this market,” he remarked, expressing apprehension towards possible regulations that could unnecessarily obstruct the growing crypto market.

The administration and regulatory heads under this government have drawn harsh criticism from him. He expressed his concern, commenting, “In my opinion, this administration has adopted an unfavorable position towards cryptocurrencies, with the SEC’s chair Gary Gensler seemingly misinformed about the subject.” Additionally, he contested the claims made by certain politicians, such as Senator Elizabeth Warren, who was quoted saying, “The only individuals engaging in crypto are nefarious characters.”

Garlinghouse emphasized the need for forward-thinking policies that encourage education and support for innovation in the field of blockchain and cryptocurrency. He drew parallels to the early days of the tech boom in Silicon Valley, calling on US policymakers to seize this opportunity for economic growth and job creation. “Let’s be at the forefront of the next technological wave,” he urged, encouraging clear and facilitative regulations to help these emerging technologies thrive. Via X, he emphasized.

How pro-innovation policies in the US will prevail. Step 1 – replace the SEC leadership and step 2 – Elizabeth Warren’s staff should read some actual facts on crypto instead of spewing constant misinformation.

At press time, XRP traded at $0.486.

Ripple’s 3-Year Growth Strategy Unveiled By CEO Garlinghouse

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2024-04-19 10:12