Brad Garlinghouse, the CEO of Ripple, has praised Facebook’s Libra recently, stating that because of the Libra announcement Ripple signed a record-breaking amount of clients.

Speaking at the Fortune’s Brainstorm Finance Conference in New York, Brad Garlinghouse stated that Ripple saw a record-breaking amount of clients sign up with the company after Facebook revealed Libra.

Garlinghouse said:

  “I’m going to send a case of champagne to David Marcus, the guy who runs Libra. The reason is, this week will probably be the best week of signed contracts at Ripple ever. It has been a massive call to action because Facebook kind of came out and said we don’t need Western Union anymore…And I think the banks realize that if Facebook is going to be a competitor in this space, they can’t depend upon a technology like Swift to compete in the marketplace.”

With xRapid, Ripple aims to make XRP the asset of choice for cross-border settlements between financial institutions. The product, xRapid, uniquely uses the digital asset, XRP, to offer on-demand liquidity, which dramatically lowers costs while enabling real-time payments in emerging markets. Built for enterprise use, XRP offers banks and payment providers a highly efficient, scalable, reliable liquidity option to service cross-border payments.

If a bank, therefore, wants to process a dollar transaction to Mexican pesos, with xRapid it does not need a pre-funded local currency account as it happens with SWIFT. All the bank using xRapid needs to do is convert the greenbacks to XRP tokens on an exchange. The system then turns the tokens back to pesos, which is done within seconds.

With banks now seeing a future where they have to compete with technology giant Facebook, it is highly likely that, as Garlinghouse mentioned, banks will start looking for solutions like xRapid.

See the full interview with Brad Garlinghouse here:

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