Brad Garlinghouse, the CEO of cryptocurrency project Ripple, has said that even the world’s largest banks would one day be forced to accept cryptocurrency and blockchain, even as they threaten to dislodge their current stranglehold on global finance.
He told this to Kara Swisher on her Recode Decode podcast, saying how Ripple had not fought against the current banking institution but had instead cooperated with regulators and financial institutions. Garlinghouse believed that systems that tried to find ways round state restrictions related to money laundering and terrorist financing would eventually fail because banks were here to stay:
“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.”
Since banks would be a natural part of the solution, Garlinghouse believed that only cooperation would be a viable direction, noting that XRP and Ripple aimed to reduce remittance costs for cross-border transfers of money with banks, but that not all regional and top-tier banks would adopt the same response:
“99% of banks love what we’re doing, because we’re democratizing something that’s controlled by a small number of banks, their competitors… [even the] biggest of the big…”
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