Ripple's CEO Brad Garlinghouse Backs Potential XRP ETF and Highlights Importance of Crypto Custody
Summary:
In an interview, Ripple CEO Brad Garlinghouse conveyed the company's openness to an XRP token-based exchange-traded fund (ETF) and saw the development of multiple token-based ETFs as inevitable. He also acknowledged the potential of digital assets in resolving real-world issues and creating utility, citing Bitcoin as a successful store of value, with XRP ideal for payments. Furthermore, Garlinghouse weighed on Ripple's recent acquisition of digital asset custody provider, Standard Custody & Trust, emphasizing its compliance with federal laws and the importance of secure crypto custody for institutions.
Brad Garlinghouse, Ripple's Chief Executive Officer, has expressed to Bloomberg the company's enthusiasm for an XRP token-based exchange-traded fund (ETF). On the 20th of February, Garlinghouse conveyed the company's position on the possibility of an XRP ETF, affirming that it would indeed be embraced. The CEO also stated that the proliferation of ETFs focused on various tokens is a certainty. Garlinghouse also made predictions about the future of ETFs, anticipating the establishment of baskets-based ETFs he believes will mitigate investor risks. He further stressed that the formation of additional ETFs is a logical move, citing resemblances with the nascent stage of the stock market and the current status of Bitcoin spot ETFs. Garlinghouse is convinced that investors seek to spread their investments rather than focusing on a single stock. Although he declined to comment on whether discussions are currently underway with ETF issuers, he reasserted Ripple's stance that this development would be beneficial for the entire XRP community. On long-term perspectives, Garlinghouse underlined the significance of digital assets in devising solutions for real-world issues and establishing utility. He cited Bitcoin's success as a store of value and pitched XRP as ideally suited for payments. On another note, Garlinghouse weighed in on Ripple's recent acquisition of Standard Custody & Trust on February 13. As a United States-based digital asset custody provider compliant with federal laws and authorized by the New York State Department of Financial Services to offer custody and escrow services, Garlinghouse noted the significance of this acquisition. The CEO stressed the importance of reliable crypto custody for institutions to store their clients' digital assets, while lauding Standard Custody and Trust's license as critical to Ripple's commitment to a "compliance first" approach.
Published At
2/21/2024 3:53:46 PM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.