The CEO of the fintech Ripple lab, Brad Garlinghouse, confirms Ripple’s collaboration with 10 Central Banks at Token 2049 Singapore. The founders and executives of the best Web3 companies and projects come together at Token 2049, a premier crypto event hosted annually in Singapore, to exchange views on the industry.
Currently, Ripple is working on CBDC projects with Palau, Hong Kong, Saudi Arabia, Bhutan, Colombia, Montenegro, and more. Furthermore, the company is also integrating with other countries for future projects despite the ongoing legal battle with the SEC.
Brad Garlinghouse at #Token2049 👇
"We're now working with 10 Central Banks" 👀#Ripple #RippleXRP $XRP
[Photo source: Andrew Fenton of Cointelegraph] pic.twitter.com/5aghPK13w2
— CryptoBusy (@CryptoBusy) September 13, 2023
Ripple’s Plans for Expansion
In his interviews at the event, Brad Garlinghouse said, “We’re not just a payment provider. We will certainly enter other vertical markets. We want to help customers grow and scale their business. On-demand liquidity does that.”
“We will certainly enter other vertical markets and we won’t be just a cross border payments solution.” — Brad Garlinghouse.
Present everywhere, for everyone and you will find everything you want.@Ripple is the Amazon of Crypto. pic.twitter.com/pNldTRmFkV
— EDO FARINA 🅧 XRP (@edward_farina) September 10, 2023
He further stated that if Ripple solves this payment opportunity and enables this internet of value, then Ripple should have a lot of opportunities beyond that. Ripple is the Amazon of crypto. Just like Amazon, Ripple will choose one vertical, get really good at it and expand to other verticals in the blockchain space.
Further, Ripple CEO Brad Garlinghouse addressed the ongoing SEC issue, which failed to stop Ripple from collaborating with 10 Central Banks.
Garlinghouse lamented the SEC’s persistence in the matter and referred to the considerable financial cost to Ripple. He stressed that more than $100 million had been spent on legal fees.
Despite the difficulties, Garlinghouse is still confident about the outcome because the judge has previously determined that XRP is not a security.
In July, Ripple won a partial legal success against the SEC, and Grayscale Investments won a more conclusive victory against the agency last month over spot Bitcoin ETFs.
Given that appellate courts have a tendency to be more conservative, he thinks that as the case moves through the appeal court system, Ripple’s odds of winning go up.
The US is a No-Go for crypto
Furthermore, Garlinghouse underlined that although the US continues to be difficult for cryptocurrency businesses, a new administration and legislative action may bring about changes in the regulatory environment.
He cited the SEC’s most recent legal setbacks as well as the harsh criticism of the agency’s conduct from judges.
Garlinghouse also disclosed that, as a result of the protracted legal struggle with the SEC, more than 80% of Ripple’s employment this year will take place outside of the US.
Ripple CEO Brad Garlinghouse says over 80% of hiring this year will be outside US, where the crypto payments company is embroiled in a long-running legal dispute with the SEC https://t.co/BqKGTRFK95 pic.twitter.com/nZJyMMBvpY
— Bloomberg Crypto (@crypto) September 13, 2023
Additionally, Garlinghouse advised crypto companies to steer away from the U.S. and asked the country to take a page from countries like the United Kingdom, Singapore, and the United Arab Emirates that have put in place clear regulations that promote innovation and safeguard investors.
He further lauded nations like Singapore, Hong Kong, the UK, and Dubai for their proactive regulation of cryptocurrencies and alliance with the sector.
The SEC has adopted a hard position on cryptocurrencies under the leadership of Chair Gary Gensler, but Congress has been slow to clarify regulations. Meanwhile, the news of Ripple collaboration with 10 Central Banks despite legal disputes with the SEC proves the demand for the company’s ledger.
