o reporters at Money 20/20, CEO Ripple stated:
"I think that (Bitcoin) will not solve all the problems that are happening right now, but we have seen the specialization of different types of ledgers, different types of Blockchain."
Ripple, a company based in San Francisco is currently developing a decentralized Blockchain-based network. The goal is to facilitate faster global financial payments.
According to CNBC, Ripple reached a significant milestone in the first quarter after signing 20 contracts of cooperation with the new company. On May 30, 2018, Ripple also signed an agreement with the largest bank in Kuwait to test the company's tokens as a cross-border payment instrument.
The Ripple And Bitcoin Correlation Will Fade
Related to the relationship of price movement Bitcoin and other crypto currencies are still tight, Brad Garlinghouse sure if it will not last forever. "There is a very high correlation between the price of Ripple (XRP) and the Bitcoin (BTC) price, but in the end, it is an independent Open Source technology," Garlinghouse told CNBC in Power Lunch on May 30, 2018.
"It's still early, as time passes, we'll see markets with more rational behavior," he added. That suggestion implies that better understanding in the future could change sentiment in the crypto market; market participants will realize that each digital token has different systems and benefits.
While there are currently over 1,500 crypto currencies circulating in the market, Garlinghouse believes that more than 99 percent of the digital assets will not be around again in the next ten years. "There will be a slight correction here, so many players (Altcoins) will be wiped out because it does not really solve the real problem," Garlinghouse said.
Stay Optimistic Despite Middle Ripple Down
Despite the above belief, the Ripple token loses 70 percent of its value and is considered to have poor performance compared to other popular crypto currencies. CEO Ripple apparently had not been too worried about the situation. "It's still a nascent industry, speculation in the market dominates trading activity," Garlinghouse concluded.