Ripple CEO Pitches XRP to IMF, Swiss National Bank for Cross-Border Payments

Ripple CEO Brad Garlinghouse recently presented a compelling case for XRP before the International Monetary Fund (IMF) and the Swiss National Bank. This presentation underscores Ripple's ongoing efforts to position XRP as a viable solution for cross-border payments and remittances. Garlinghouse highlighted the efficiency, speed, and cost-effectiveness of XRP, emphasizing its potential to revolutionize the global financial landscape.

In his remarks, Garlinghouse emphasized the fundamental differences between Bitcoin and XRP, particularly in terms of speed and cost. He explained that XRP was created by engineers who identified Bitcoin’s scalability challenges. According to Garlinghouse, Bitcoin transactions are slow and expensive, while XRP transactions are significantly more efficient. He stated that XRP is “about a thousand times faster per transaction and a thousand times cheaper per transaction.”

Garlinghouse also addressed the issue of pre-funding in cross-border payments. He explained that the current system requires financial institutions to maintain capital reserves in different countries to facilitate international transactions. He argued that using digital assets like XRP could eliminate this requirement by enabling global liquidity on demand.

The Ripple CEO outlined his company’s long-term vision for payments, comparing blockchain technology to the foundational technologies of the internet. He noted that just as TCP/IP and HTTP enabled the transfer of information across the web, blockchain networks could facilitate the seamless exchange of value. According to Garlinghouse, this transformation would create an “internet of value” where payments can move as efficiently as data.

He pointed out that traditional correspondent banking has left certain countries and payment corridors underserved. He argued that digital assets like XRP could democratize access to liquidity, creating a more inclusive financial system. He also highlighted real-world use cases, such as freelancers in emerging markets who struggle to receive small international payments due to high fees and banking restrictions.

Garlinghouse's remarks in the resurfaced video reflect Ripple’s long-standing strategy of positioning XRP as a practical solution for global payments. The event at which he spoke, featuring institutions like the IMF and the Swiss National Bank, underscores the ongoing discussions about digital assets in mainstream finance. Garlinghouse also addressed the regulatory challenges faced by the cryptocurrency industry, advocating for clearer guidelines that would foster innovation while ensuring consumer protection.

The presentation comes at a critical juncture as Ripple continues to navigate legal battles with the U.S. Securities and Exchange Commission (SEC) over the classification of XRP. Garlinghouse's engagement with prominent financial institutions signals Ripple's commitment to building partnerships and gaining broader acceptance for XRP in the mainstream financial sector. The outcome of these discussions could have significant implications for the future of digital assets and their integration into traditional financial systems.