Ripple CEO: Bitcoin and XRP are not Market Competitors
XRP is the third biggest coin by market cap has no competition with Bitcoin (BTC) says Ripple CEO Brad Garlinghouse at a fortune interview on 20th of June.
In the interview, Garlinghouse outlined some of the major differences between the two Cryptocurrencies. Like he mentioned Bitcoin as a store of value or “digital gold” and XRP as a bridge currency, that allows efficient fiat-to-fiat transfers.
Further discussing the differences between the two currencies in terms of transaction costs, Ripple counts for a fraction of a cent per transaction, while Bitcoin counts roughly about $2.30 on an average per transaction.
While these differences don’t make any difference in the coin market cap, as Ripple CEO already mentioned that they don’t see Bitcoin as a competitor to them.
In the interview Ripple’s CEO also expressed his concern over the recent market environment and figured out a lot of “bullshit in Blockchain and Crypto market,” making tough for the industry to separate the signals from the “noise”.
Regarding this, Garlinghouse spoke of the recent media hype concerning Facebook’s officially unveiled Cryptocurrency named Libra, which is accepted to be seen in the first half of 2020.
In recent times, Ripple has partnered with a major money transaction services firm MoneyGram in order to develop across order payments platform along with a foreign exchange settlement with digital currencies.
As being a partner firm with Ripple the firm MoneyGram is allowed to draw about $50 million from ripple as an exchange for equity.
