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 19 Apr 24

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Ripple CEO Brad Garlinghouse unveiled the company's ambitious 3-year growth plan, emphasizing international market expansion and the launch of a US dollar-backed stablecoin. With 95% of customers located outside the US, Ripple focuses on selling blockchain and crypto payment solutions. Additionally,...

Ripple CEO Brad Garlinghouse detailed the company’s 3-year growth plan, including a US dollar-backed stablecoin launch and international market expansion. Approximately 95% of Ripple's customer base is located outside the US, with a focus on selling payment and custody solutions around blockchain and crypto. Ripple plans to enhance the utility of XRP, linking its success to broader adoption of its technologies. The upcoming US dollar-backed stablecoin aims to bridge traditional finance with the cryptocurrency sector and provide a regulatory-compliant option. Garlinghouse critiqued the slow pace of legislative progress in the US and urged for clear and supportive regulations to foster blockchain and cryptocurrency growth.

Ripple CEO Brad Garlinghouse unveiled the company's ambitious 3-year growth plan, emphasizing international market expansion and the launch of a US dollar-backed stablecoin. With 95% of customers located outside the US, Ripple focuses on selling blockchain and crypto payment solutions. Additionally, plans to enhance the utility of XRP were discussed, with the stablecoin aiming to bridge traditional finance with the cryptocurrency sector. Garlinghouse critiqued the slow regulatory progress in the US and urged for clear, supportive regulations to foster blockchain and cryptocurrency growth.

In an interview with FOX Business, Ripple CEO Brad Garlinghouse detailed the company’s ambitious plans for growth over the next three years, highlighted by the launch of a US dollar-backed stablecoin and a strategic expansion in international markets amidst ongoing regulatory challenges in the United States. When inquired about the company’s growth story for the next three years, Garlinghouse began by underscoring Ripple’s significant international presence, with approximately 95% of its customer base located outside the US. “95% of our customers are non US financial institutions,” he stated. Furthermore, Garlinghouse explained that Ripple is selling payment solutions and custody solutions around blockchain and crypto. He emphasized the company’s core offerings and conveyed a strong commitment to further expansion.

In addition to infrastructure, Ripple plans to enhance the utility of XRP, the digital asset central to its payment protocol. Garlinghouse expressed a positive outlook for XRP, linking its success to Ripple’s expansion and the broader adoption of its technologies. “We think that’s going to be great for Ripple. We think it’s going to be great for XRP,” he said, reinforcing the symbiotic relationship between Ripple’s growth and the adoption of its associated cryptocurrency.

Garlinghouse then delved into the specifics of the upcoming US dollar-backed stablecoin, a pivotal development in Ripple’s strategy to bridge traditional finance with the burgeoning sector of cryptocurrencies. He described the stablecoin as a response to the escalating demand within the stablecoin market, currently valued at $150 billion and potentially rising to over $2 trillion. This stablecoin aims to provide a reliable and regulatory-compliant option in contrast to competitors like Tether, which is based outside of the US and faces different regulatory scrutiny. The initiative represents a strategic move to position Ripple as a leader in compliant, secure, and user-friendly crypto-finance solutions.

Garlinghouse also delved into the regulatory environment in the US, critiquing the slow pace of legislative progress which he believes hampers market growth. “Washington is still trying to understand this market,” he commented, expressing concern over potential legislation that might place undue barriers on the burgeoning crypto market. He was particularly critical of the current administration and regulatory figures, stating, “This administration, I think, has taken a pretty anti-crypto stance led by the SEC Gary Gensler as the chair has really doesn’t understand it.” He also challenged the narrative put forth by certain politicians, like Senator Elizabeth Warren, who he quoted as saying, “The only people using crypto are bad actors.” Garlinghouse concluded with a call to action for more informed, pro-innovation policies that align with fostering job creation and economic growth, reminiscent of the early days of the internet boom in Silicon Valley.

At press time, XRP traded at $0.486. XRP price, 1-week chart | Source: XRPUSD on TradingView.com Featured image from CNBC, chart from TradingView.com

Disclaimer: The opinions expressed by the writers at Grow My Bag are their own and do not reflect the official stance of Grow My Bag. The content provided on our site is not intended as investment advice, and Grow My Bag is not an investment advisor. We do not endorse buying or selling any cryptocurrencies or digital assets mentioned in our articles. High-risk investments in Bitcoin, cryptocurrencies, and digital assets require thorough due diligence, and all transfers and trades made are at your own risk. Grow My Bag is not responsible for any potential losses and participates in affiliate marketing.

Disclaimer

The opinions expressed by the writers at Grow My Bag are their own and do not reflect the official stance of Grow My Bag. The content provided on our site is not intended as investment advice, and Grow My Bag is not an investment advisor. We do not endorse buying or selling any cryptocurrencies or digital assets mentioned in our articles. High-risk investments in Bitcoin, cryptocurrencies, and digital assets require thorough due diligence, and all transfers and trades made are at your own risk. Grow My Bag is not responsible for any potential losses and participates in affiliate marketing.