Brad Garlinghouse celebrates Ripple's "record-breaking" week
Facebook’s project Libra unveiling earlier this week, shook the cryptocurrency space. Responses from the most powerful governments around the globe were quasi-instant. Earlier that day, the U.S-based technology company Ripple, announced its strategic partnership with payment provider MoneyGram after having bought $30 million worth of shares, with an option of another $20 million, for a total of $50 million.
Western Union, another payment provider who previously tested Ripple’s Beta version of xRapid, announced was not cost-efficient enough for them, may have changed their tune. During Fortune’s inaugural Brainstorm Finance conference, Western Union’s CEO had assured the public that they were still testing Ripple’s products. Although they weren’t cost-efficient enough yet, they are ready to “sign a deal tomorrow” if it proves to be cost-effective.
During the same event, Ripple’s CEO Brad Garlinghouse made sure to inform the public that Facebook’s Libra project was not a threat to Ripple as they both served different purposes and audiences. As a matter of fact, Facebook’s announcement has forced even more banks to take blockchain technology seriously and would drive more business towards Ripple and that “This is going to be a record week for Ripple”, for that reason he wants to “send a case of champagne to David Marcus the guy who runs Libra”.
The cryptocurrency and blockchain scenes are slowly but surely maturing with more and more old institutions appreciating their efficiency and use-cases. This move from Facebook may well have been the little push that many companies needed to understand how significant blockchain will be in the near future.
Image licensed via Shutterstock
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