Brad Garlinghouse, the CEO of Ripple has experiences ranging from being the CEO of Hightail a file-sharing site, President of Consumer Applications at AOL and a Senior Vice President at Yahoo. His business acumen and experience is pretty much noted given the expansion Ripple has gained in the last one year in terms of partnerships.
At the Singapore Fintech Festival Garlinghouse confidently spoke about how banks will start holding Cryptocurrency assets like XRP. The main reasons cited by him include regulatory clarity and the opportunity to make money through Cryptocurrency.
Garlinghouse predicts the Association of South Eastern Asian Nations (ASEAN) banks will be the first to offer custodian services of Cryptocurrency.
ASEAN region consists of ten members which include Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam. These countries have a population of nearly 640 million people and a combined GDP of $2.57 trillion.
ASEAN countries seem to be the most progressive regarding Cryptocurrency adoption. For example, Thailand has introduced a framework that has balanced consumer protection with innovation such as Cryptocurrencies. Therefore, Ripple finds it beneficial to solve real-world business use cases such as improving cross-border payments across the ASEAN region.
Ripple is seen to form significant partnerships this year including several large banks. Ripple has already partnered up with large ASEAN banks such as CIMB Group. CIMB Group is the fifth largest bank in the ASEAN region. The ASEAN bank will use Ripple’s technology for cross-border payments.
Along with this Ripple has nearly 50% of all it’s global customers based in the ASEAN region with Singapore headquarter expanding by 200% in the past year.
Sam McIngvale, who is leading the Coinbase Custody project believes that $20 billion worth of Crypto is sidelined till custody solutions start to make sense. Thus if Garlinghouse is right about Crypto custodian solutions being adopted by banks in 2019, it could also help the Cryptocurrency markets tremendously.
Image Source – Flickr
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