Garlinghaus in an interview with Fox Business said that the SWIFT international payment operator, which has existing for several decades, has been outdated and needs modernization. At the same time, the existing market for cross-border payments, where transactions are made to trillions of dollars, still depends on SWIFT. However, the latest technologies can correct the situation by increasing the calculation speed, Harlinghaus reassured.
The businessman said that the United States government has historically resisted the change in the financial system. In his opinion, after the new administration of Donald Trump came to power, the times for blockchain and cryptocurrencies changed for the better. Garlinghaus said that after the re -election of Trump, Ripple experienced a surge in business activity. In just six weeks after the election of Trump, Ripple has concluded more transactions in the United States than in the previous six months. Garlinghaus called this “Trump’s effect.”
Garlinghaus expects that in the next decade of innovation in the field of Fintech it will develop rapidly. In his opinion, the US financial system is “unlocked” and is on the way to cryptocurrency modernization. According to the forecast of the head of the Ripple, the blockchain and cryptocurrencies will be in demand not only during payments, but also in real estate and securities.
Earlier, Garlinghaus said that the XRP Altcoin produced by him is much better suited for everyday payments than Bitcoin. Transactions with the XRP take place in a few seconds, and the average commission is the share of the cent.
Source: Bits
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