Speaking at OECD Blockchain Forum on Sept.12, Ripple’s Head of Global Institutional Market, Breanne Madigan explains various aspects revolves around fiat currency, XRP cryptocurrency, and Ripple as a company. She also discussed the importance of liquidity for institutional adoption.
Breanne Madigan was previously working at Goldman Sachs for 13 years, in different roles like sales, trading, strategy and business management. She joined Ripple in May 2019 and started her career in Global Markets for Ripple.
Breanne Madigan – Replacing Fiat is Not Our Goal
At the OECD Global Blockchain Policy Forum 2019, Breanne Madigan commented: “We do not see crypto as replacing fiat.” She mentions “replacing fiat” is not their intention at all, in the financial session.
Madigan explains “misinformation” of Ripple and XRP.
— Ripple (@Ripple) September 13, 2019
Breanne Madigan also sheds light on Ripple’s involvement in native token XRP. She claims that Ripple and XRP are two different aspects, and it should be considered that way. Ripple is a privately held company and its shares are held by several investors. Whereas XRP is a native token of Ripple, it exists independently of Ripple. As Madigan mentions the following:
“Ripple did not create XRP, nor do we control it. If Ripple went away tomorrow, XRP would continue to exist as with our ledger. There are currently 150 nodes on our ledger and Ripple controls operate only seven of those.”
XRP’s use in legal banking systems
XRP is the solution developed for the convenience of the user, who wants to make cross border payment. Likewise, Ripple’s exec says the fiat and the XRP can both work simultaneously. Ripple’s main goal is to build networks at the international level and solve problems of trapped capital. In the traditional banking system, is to time taking and inefficient for the user with different bank accounts. Moreover, capital gets trapped and causes a hell lot of a problem for the user, as a result of this legacy system.
"Developed countries still ask why they should use crypto. That's where practical, real-world use cases offering improved efficiency will drive adoption. XRP has differentiated itself with its utility as a bridge asset in cross-border payments." -Ripple's @BreMadigan @OECD pic.twitter.com/o9s32rWxty
— Ripple (@Ripple) September 13, 2019
In her talk, she elaborates that’
“We see opportunities for the two to co-exist and we see significant benefits in building networks of networks. We think about using digital assets as a great opportunity to solve the significant problem of trapped capital and pre-funding in the traditional correspondent banking system which is extremely inefficient with the set of Nostro and Vostro accounts, we estimate that up to 10 trillion dollars of trapped capital are being sued very inefficiently as a result of this legacy system that we are currently moving money with.”
Breanne Madigan further highlights the significance of taking initiative for the development of deeper liquid markets. Combining with the fact she thinks it is necessary to develop a constructive global framework for crypto assets and invest in liquidity.
Image Source – Twitter @VSoomaney
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