Ripple CEO Criticizes Slow $11 Billion Gold Transfer by Dutch Central Bank
Ripple CEO Brad Garlinghouse criticized the slow transfer of approximately $11 billion worth of gold by the Netherlands' central bank, which took six months to move 86 metric tons from U.S. and Canadian vaults to London. He highlighted this as an example of outdated financial systems still in use today, contrasting it with the rapid growth of the crypto market cap over the past decade—from $1.5 billion to $2.7 trillion. Garlinghouse pointed out that central banks have not modernized their asset transfer processes since the 1940s. In a post on September 4, he argued that instant and secure digital asset transfers are an ideal use case for blockchain technology. He also mentioned ongoing tests by the Bank for International Settlements (BIS) using Ripple's XRP Ledger to manage economic data efficiently with low costs.
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