Ripple CEO Brad Garlinghouse interview in Davos: Bitcoin’s use cases and his company’s IPO plans
Ripple CEO Brad Garlinghouse recently talked about the rapidly changing financial industry, including Bitcoin’s use cases, and his company’s IPO plans.
Garlinghouse repeated that Bitcoin is not a suitable means for micropayments, claiming Bitcoin is only capable of processing about seven transactions per second, while the XRP can process up to 1,500 transactions per second. Bitcoin prevents itself from becoming a widely accepted means of payment.
He said you would not want to use BTC at Starbucks because when you get your coffee, it will be cold. However, Garlinghouse is still positive on Bitcoin as a store of value, even though massive Bitcoin skeptics like Bridgewater Associates co-founder Ray Dalio believe that Bitcoin cannot keep its value due to its immense volatility.
Garlinghouse also forecasted that many cryptocurrency companies will follow the lead of Canaan Mining and go public in 2020. He considers an IPO to be “a natural evolution” for Ripple, saying that in the next 12 months, IPOs will be available in the crypto/blockchain space. he expected that Ripple will be on the leading side, a natural evolution for his company.
MoneyGram expanding its presence in Egypt
Ripple’s big partner MoneyGram will now allow Egyptians to receive remittances directly into their bank account after partnering up with Suez Canal Bank.
MoneyGram in Egypt
MoneyGram is expected to greatly expand its market in Egypt, the fifth largest remittance market in the world, after forming a strategic relationship with Suez Canal Bank. The deal came just days after MoneyGram Lulu Financial Holdings to expand into the Asia-Pacific region.
Thanks to the deal with one of the country’s leading financial institutions, MoneyGram’s local consumers are now able to receive money from abroad directly into their bank accounts.
MoneyGram CRO Grant Lines stressed that expanding global deposit services is a prominent part of their ‘digital transformation’, which was earlier mentioned by the company’s CEO Alex Holmes. Its partnership should not be overestimated given that Egypt accounts for 11.6 percent of the country’s GDP.
With MoneyGram having a position in Egypt, people suggested that Ripple might choose this country as a kick-start for its future expansion into the African region.
MoneyGram is now dependent on Ripple’s On-Demand Liquidity (ODL) solution for conducting international transfers after the San Francisco-based blockchain leader got a 10% stake in the legacy money transfer company. In addition to existing ODL corridors, Ripple also announced its plans to open additional ones in numerous world regions, including EMEA.