Brad Garlinghouse seems to be very positive about the future of the cryptocurrency space. The CEO of Ripple believes that banks will soon start to hold virtual currencies such as Bitcoin (BTC), Ethereum (ETH) or XRP on behalf of their customers as early as 2019. Mr. Garlinghouse said this during the Singapore FinTech Festival 2018.
Brad Garlinghouse Bullish About Virtual Currencies
Banks could soon start to hold virtual currencies on behalf of their customers. This is what Ripple’s CEO, Brad Garlinghouse, said at the Singapore Fintech Festival 2018. The driver for this implementation will be an enhanced regulatory clarity and the opportunity to make money.
About it, he said that people will be surprised by the fact that banks will be custody digital assets directly for customers.
On the matter he commented:
“I think one of the things that will surprise us a year from now is that banks will be custodying digital assets directly.”
He went on saying that a lot of money is being made by digital asset exchanges globally, and there are some banks that might be motivated to enter the crypto space in this way. Additionally, there are different regulatory framework being currently developed and enhanced. Once these countries create a proper regulatory environment, banks could start investing in the space.
Ripple’s CEO commented that he thinks that the first banks that are going to be holding virtual currencies for their clients will be in the ASEAN markets. These countries are growing at very fast rates and they need enhanced systems for cross-border payments as well.
Garlinghouse commented about this:
“I also predict it will be banks in the ASEAN markets, where there is this regulatory clarity and there is a lot of progressive, forward thinking. They will be the first to actually allow for crypto assets custody in their accounts.”
The ASEAN is an economic alliance that is integrated by Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam. These countries still have to improve their cross-border payment systems and Ripple is working in Asia.
There are different corridors that must be covered and the Asian markets are perfect for this. According to Dan Morgan, Ripple’s head of regulatory relations in Europe mentioned that Asian markets have appetite for Ripple.
XRP is the second largest virtual currency with a market capitalization of almost $15 billion. Each coin can be purchased for $0.37.
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