Ripple CEO explains XRP's advantages over BTC at IMF event

A video of Ripple CEO Brad Garlinghouse delivering a speech at the event organized by the International Monetary Fund (IMF) and the Swiss National Bank has popped up online again. He emphasized the advantages XRP has over BTC, pointing to the network's higher speed and lower transaction costs.

Garlinghouse stated that Ripple was created to tackle Bitcoin's scalability problems. He said XRP transactions are a thousand times faster and cheaper, making it a more efficient tool for cross-border payments.

He also drew attention to the need to reform the international payments system. In his opinion, the traditional banking system requires the prior funding of reserves in different countries. Using digital assets like XRP can solve this problem by providing global on-demand liquidity.

Ripple CEO compared the development of blockchain technology with the advent of the Internet, noting that digital assets can create a global instant payment system, similar to the transfer of information on the network.

Garlinghouse's speech sparked a wide response in the crypto community. Many social media users supported his point of view about the usefulness of XRP in the global payment system.