Gold Logistics Highlight Need for Digital Value Transfers: Ripple CEO
Ripple CEO Brad Garlinghouse pointed out the slow logistics of transporting gold as an example of why digital technologies for transferring value are becoming increasingly important.
The Dutch Central Bank transported 86 tons of gold from North America to the United Kingdom, which Garlinghouse believes demonstrates the weaknesses of the traditional financial system.
Ripple is a company and platform that facilitates cross-border settlements through digital infrastructure, making it faster, cheaper, and simpler for banks, payment companies, and corporate clients.
The company's solutions include RippleNet for interaction between payment network participants and On-Demand Liquidity, which uses a digital asset to transfer value between markets more quickly.