Ripple Pushes For $2 Trillion XRP Liquidity
Ripple has been making a lot of successful moves, and the San Francisco company has some pretty bold plans indeed.
The main goal is to eliminate the flaws that the traditional payments system SWIFT has been plagued with for quite a while.
XRP is the most ambitious try to move money across borders
Ripple CEP Brad Garlinghouse said that payments startup is pushing to use the crypto asset XRP as the most ambitious try to move money across borders.
During a brand new interview on the Jay Kim Show, Garlinghouse said that the current banking system, which relies on the need for banks and various financial institutions to hold money in bank accounts around the world are outdated.
ODL is set to replace the outdated financial system
Ripple CEO said that Ripple’s XRP-based ODL is trying to replace this outdated system and the main goal is that ODL will take over the $2 trillion of liquidity into the current system in the next few years, according to reports coming from the Daily Hodl.
ODL is On-Demand Liquidity, the former XRP-powered xRapid.
“There’s $10 trillion pre-funded in accounts around the world, which is effectively the oil that is facilitating the engine that is correspondent banking. The oil has to be there, or correspondent banking won’t work,” he said.
Garlinghoise continued and explained that “Now if we can reduce the amount of oil, that improves the efficiency of the global economy. So we feel like, bit by bit, we’re going to be able to take that $10 trillion down to $9 trillion, to $8 trillion.”
He also made sure to highlight the fact that this cannot be done on the spot, but instead, it’s a journey that will take a lot of time, many years.
“But we’re incredibly enthused by the progress we’ve made in a relatively short amount of time,” he concluded.
We recommend that you check out the complete interview in roder to learn more about what Garlinghouse had to say.
Garlinghouse is both the CEO and Chairman of Ripple Labs. This year, Ripple surpassed 300 partners, including over 115 banks worldwide. Having launched On-Demand Liquidity (ODL) for cross-border payments, Ripple now has more than 20 partners using XRP for ODL, including Moneygram, Western Union, and American Express.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.