Ripple’s Brad Garlinghouse Predicts The U.S. Will Welcome The Firm’s Payment Solutions

Ripple has been enjoying a lot of success during the past year and massive recognition in the financial sector.

The company has been making increased efforts to eliminate the flaws that the traditional payments system SWIFT has these days.

Banks and financial institutions have been using SWIFT for decades now, but its technology has become outdated, and innovation is required.

Here’s where Ripple enters the arena with its ODL product that facilitated instant, cheap, and safe cross border transactions.

Transformations of the payments industry

You may be aware of the fact that the World Economic Forum 2020 started on January 21 in Davos, Switzerland.

As expected, global leaders met during the first day of the event with the U.S. Treasury Secretary Steven Mnuchin, speaking on the transformation of the payments industry.

Muchin said that the U.S. Government is well aware of the new developments in the market.

The US Government is open to companies that offer cross-border payments

More than that, he also added that the government would welcome companies that are offering cross-border payment services for retail and business.

The Treasury Secretary said the following as cited by the online publication the Daily Hodl:

“There are benefits to cross-border payment systems in lowering costs for consumers and businesses. We absolutely support companies working on this.”

His words are also resonating with some of the experts in the crypto industry.

For instance, Ripple’s CEO Brad Garlinghouse retweeted the statement and by doing so, he showed massive optimism that Ripple can make it easier for people to benefit from the payments industry.

Now too long ago, it’s been revealed that at least 38 of the world’s 100 biggest banks have tested, integrated, or invested in Ripple’s cross border tech.

It’s also important to note that of the 38 banks linked to Ripple, 18 are actively using Ripple’s technology.


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