Ripple CEO Reaffirms the Need for XRP, Highlighting Lack of Connectivity in Payment Apps

Ripple CEO Brad Garlinghouse emphasized that the main issue with payment apps is the "lack of connectivity," reiterating the necessity of XRP. He pointed out the high fees and slow processing times associated with cross-border remittances, explaining Ripple's core challenges. Garlinghouse likened modern payment networks to the closed networks of the early internet, citing instances where transfers between Venmo and PayPal are not possible. He highlighted the bottlenecks in international remittances, which lead to time delays, high fees, and fund delays due to errors. He explained that XRP payments are completed in about four seconds, with transaction costs being just a fraction of a cent. In contrast, Bitcoin transactions can incur costs of around $10 and take up to 10 minutes to process. Ripple has supplied XRP to banks and financial institutions rather than selling it to individuals, noting that the lawsuit with the SEC has significantly impacted its U.S. operations. He emphasized the public ledger characteristics of blockchain, asserting that Ripple's goal is to solve existing financial issues more quickly and affordably. Given that the exchange rate for the won to the dollar is 1,479.60, interest in the costs and efficiency of international remittances is expected to grow.

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