Ripple CEO Criticizes Slow $11 Billion Gold Transfer
Ripple CEO Brad Garlinghouse criticized the slow transfer of $11 billion worth of gold by the Central Bank of the Netherlands, which took six months to move approximately 86 metric tons from the U.S. and Canada to the UK. He highlighted inefficiencies in traditional financial systems that still rely on outdated methods for asset movement. Garlinghouse referenced a similar case where Germany spent four years transferring gold between vaults in Paris and New York, emphasizing how little has changed over 10 years despite crypto's growth from $1.5 billion to $2.7 trillion market cap. He argued that instant, secure, low-cost asset transfers are an ideal use case for cryptocurrency. Garlinghouse also mentioned the Bank for International Settlements (BIS) is testing Ripple’s XRP Ledger for recording and managing economic data due to its speed and negligible on-chain fees.
Topics: BIS crypto adoption gold transfers Ripple XRP Ledger