Ripple CEO Brad Garlinghouse'due south mission is to demolish bankers' fear of cryptocurrencies and get them on board with the new asset class.

During a contempo interview with CNN, Garlinghouse explained that "once regulators understand y'all're not circumventing regulatory frameworks they get very comfortable very chop-chop."

Garlinghouse said that someone at the World Economical Forum in Davos told him that "crypto is notwithstanding a bad word here." Considering of this attitude in traditional finance, a big part of his work is explaining to bankers how crypto tin can solve real-world problems while staying compliant:

"A lot of what I am doing [...] is meeting with regulators, meeting with very senior people at banks and explaining to them how crypto tin can be used — specifically XRP — can be used to solve a existent problem, not to circumvent regulation. [...] Once people sympathise that, they very quickly go disarmed, it'southward no longer a bad word."

Garlinghouse also addressed the adoption of Ripple'south crypto nugget for on-demand liquidity, XRP, noting that concluding calendar week it was used for $54 million in greenbacks flows to Mexico. He claimed that this is 7.five% of the total flow of U.S. dollars to Mexican pesos, up from about 3% in December.

The CEO explained that such fast growth is due to the fact that "liquidity begets liquidity." Garlinghouse said that the value of a production like XRP-based on-demand liquidity increases with the liquidity of the market, and the liquidity increases when — attracted by the high liquidity — more than institutions join the network.

The fast development of Ripple

As of Oct 2022, Ripple had a reported 168 customers comprised of 118 banks, 16 remittance/money transfer firms, seven foreign exchange companies, ii cryptocurrency exchanges, 11 payments providers, six software and technology firms, and eight others, including international auditing and professional services giant Deloitte.

Bank Asia, a Bangladesh-based banking concern with $3.iv billion of avails, joined Ripple's blockchain-based financial services network, RippleNet, earlier this month.

Cointelegraph recently featured Brad Garlinghouse in the Cointelegraph Top 100 list of the virtually influential people in the cryptocurrency and blockchain sector.