Initially, when the word cryptocurrency and Bitcoin started saturating the open world, the word used to be linked with tech revolutionaries who just wanted to sell weapons and drugs on the dark web without being traced. They previously used anonymous online marketplaces such as the Silk Road to carry out transactions like these.
As time goes on, the word started to fly around in everyone’s mouth, due to the potentials associated with the virtual money. This was the time the technology struck the mind of Brad Garlinghouse, the Chief Executive Officer of Ripple when the common men started to venture into tokens and coins less than a decade ago.
In an interview with Kara Swisher on an episode of Recode Decode, the CEO was quoted saying:
“That’s actually forward progress,” … “You went from illicit activity to speculation, and today you’re going from speculation to the utility.”
As part of the CEO’s Job description, he hopes to convince the traditional financial institutions such as Citibank and Deutsche Bank and some other banking giants about the potentials of the crypto technology and the fact that the technology will eventually be a considerable part of the future of the financial industry even if they failed to acknowledge it. Although he believes this may not take place immediately, it would at the end of the day.
Garlinghouse firm, Ripple, who designed one of the leading alternative coin in the worl, develops and markets software to these banks to give them the opportunity of transacting on the blockchain technology. He does this with the hopes that it will provide the firm access to millions, if not billions of people who do not use the traditional banking system and do not have the means to send or receive money from one country to another.
With no interest in making sure that digital currency traders remain anonymous, unlike the thought of the earliest developers and adopters of BTC. He doesn’t expect that the new technology will totally liquidate the legacy financial institution such as government and banks.
On the earliest adopters of bitcoin, the CEO said that:
Kind of “let’s circumvent the government, let’s enable anonymous transactions.” I think there’s still that ethos in part of the crypto community today. Even from the early days, Ripple took a point of view that no, no, no, we’re going to work with the system, we’re going to work with banks. Moreover, you know, if you’re in the crypto community and you’re working with the people that the other parts of the community are trying to kill, it doesn’t make you very popular.
He also said:
“We want to change the system by working with the system,” … “These are profound technologies that can really benefit society in lots of ways. We can reduce the friction of global commerce; we can allow people globally more access to the economies around the world to compete. I think that’s actually a really good thing.”