Brad Garlinghouse: Even the biggest banks will have to embrace crypto

20 May, 2019
by Richard Allen
Brad Garlinghouse: Even the biggest banks will have to embrace crypto

During an interview on the Recode Decode podcast, Ripple CEO, Brad Garlinghouse said that despite the threat it poses to their oligopoly, the world’s biggest banks actually have some the best reasons to adopt cryptocurrency and blockchain innovation.

As CoinTelegraph reports, Garlinghouse explains that Ripple strives to work with financial institutions rather than against them. He adds that the idea of anonymous transactions which bypass the government and other authorities won’t work as the world remains on alert about money laundering and terrorist financing.

Instead, Garlinghouse states: “I don’t think banks [...] governments will go away. Banks are applying a very important regulatory framework that I actually think is important for society. I personally believe that banks will continue to serve that role, they’re good at it [...] I think this is a new set of technologies that they can benefit from to grow their business.”

With reference to the so-called tier one money center banks, such as JPMorgan, Goldman Sachs and Citigroup, Garlinghouse believes their current oligopolistic control of the banking sector faces a significant threat from nascent technologies.

However, considering that KYC-compliant crypto-enabled transactions have drastically reduced remittance costs, Garlinghouse believes that even the “biggest of the big” banks will have to start looking into crypto and blockchain to prevent mega-corporations like Amazon from usurping their control.

XRP/USD chart provided by Tradingview

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