During an interview with CNBC on Tuesday, Brad Garlinghouse, the CEO or Ripple, said that the future of Ripple is bright as many banks will be using the XRP ledger by the end of 2019. The XRP ledger is an open-source codebase that can perform over 1,500 transactions in every second. It requires the XRP coin.
This isn’t the first time Garlinghouse is hyping Ripple. During another interview at the conference called Money 20/20, Garlinghouse made his confidence in Ripple clear. He said:
“I have said it before that by the end of 2019, the xRapid ledger will be a significant tool in banks around the world. Before 2019 comes to an end, I believe that dozens of banks will embrace Ripple.”
Ripple Will be Adopted by Banks Soon
One of the projects the company is working on is to provide liquidity solutions for financial institutions allowing them to make cross-border payments in a faster, transparent, and cost-effective way compared to traditional methods. The xRapid project is one of the proposed solutions. This system was developed for institutions that are reaching out to emerging markets. It enhances cheaper, and, faster transactions.
The system filters third party collections for the most competitive options. After the money is converted to XRP, it will be converted into any currency required from the receiving end.
The system depends on scalability and speed so transactions are completed within minutes nationally while cross border transactions may require 2 to 3 days for large remittance.
Regarding the price of Ripple, Garlinghouse said:
“The industry is nascent and speculation is what dominates the market action. In time, people will understand the unique use cases. Bitcoin will be a panacea as people suspected it will be. Bitcoin would solve different problems. There are different kinds of blockchains and ledgers being created daily.”
Will Garlinghouse prediction come true? Will Ripple become adopted by several banks before the end of next year? Will this adoption influence the price of Ripple?