March 27, 2024
Altcoins News

Ripple CEO Brad Garlinghouse Expresses Support for XRP ETF

Ripple CEO, Brad Garlinghouse, has welcomed the idea of an exchange-traded fund (ETF) based on the XRP token in an interview with Bloomberg. The CEO shared Ripple’s positive stance on the potential XRP ETF, stating, “We would certainly welcome it.”

During the interview on February 20, Garlinghouse emphasized the inevitability of having multiple ETFs based on different tokens. He also predicted the emergence of ETFs around baskets, asserting that it would “diversify the risks” for investors.

Garlinghouse highlighted the importance of diversification, drawing parallels between the current situation with spot Bitcoin ETFs and the early days of the stock market. He stated, “It only makes sense” to have other ETFs, as investors prefer to diversify their investments rather than being exposed to a single stock.

When questioned whether Ripple is currently in talks with ETF issuers, Garlinghouse declined to comment but reiterated the company’s belief that it makes sense for the XRP community overall.

The Ripple executive also discussed the “long-term view” of digital assets, emphasizing their role in creating utility and solving real-world problems. Garlinghouse acknowledged Bitcoin’s success as a store of value and argued that XRP is “ideal for payments.”

In addition to addressing the potential XRP ETF, Garlinghouse commented on Ripple’s recent acquisition of Standard Custody & Trust, a U.S.-based digital asset custody provider. The acquisition, completed on February 13, positions Standard Custody & Trust as a qualified custodian under federal legislation with custody and escrow services approved by the New York State Department of Financial Services.

Garlinghouse emphasized the significance of custody as a fundamental element for the success of crypto, stating that institutions need the ability to custody their own digital assets and their customers’ crypto. He highlighted that Standard Custody & Trust’s license aligns with Ripple’s “compliance first” mindset.

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