Ripple CEO Predicts XRP ETF Soon, Citigroup Cuts Ties, Garanti BBVA Joins Ripple

According to Brad Garlinghouse, CEO of Ripple Labs, an exchange-traded fund (ETF) listing for the XRP cryptocurrency is imminent.

In an interview with Sonali Basak and Tim Stenovec on Bloomberg Television on October 23, 2024, Garlinghouse emphasised that institutional and retail interest in cryptocurrencies is increasing. He said it implies that XRP will follow in Bitcoin’s footsteps.

Ripple Labs CEO Brad Garlinghouse says "it’s just inevitable” that the company’s XRP cryptocurrency will be offered through an exchange-traded fund https://t.co/o4ri9sleqY pic.twitter.com/AsiCLCBtVo

— Bloomberg Crypto (@crypto) October 23, 2024

According to Garlinghouse, the US Securities and Exchange Commission (SEC) was initially reluctant to approve a spot Bitcoin ETF, but its eventual approval proved strong demand. He stated that spot Bitcoin ETFs had raised nearly $17 billion since their inception in January 2024. “It certainly shows that there is demand from institutions. “There is demand from consumers to access this asset class,” he said, implying that the interest is not restricted to Bitcoin alone.

Ripple CEO Reveals Citigroup Cut Ties Over Crypto Involvement, Criticizes Biden Administration

Ripple CEO Brad Garlinghouse revealed in Washington on Wednesday that he had personally been cut off from a long-standing banking relationship because of his strong ties with crypto industry.

Garlinghouse shared that he has been struggling to maintain banking relationships as regulators have warned institutions to minimise their cryptocurrency engagement.

He later revealed in an interview with CoinDesk that the institution that just cut him off was Citigroup Inc., with whom he had been a customer for roughly 25 years. He also added that a number of his personal banking ties have ended due to his involvement with bitcoin.

Ripple CEO Brad Garlinghouse revealed that he has been personally severed from his longtime banking relationship with Citigroup because of his role in the crypto industry.https://t.co/w6Ptpoa876

— FinanceFeeds (@FXFinanceFeeds) October 23, 2024

The CEO was harshly critical of President Joe Biden’s administration in Washington, claiming that Securities and Exchange Commission Chair Gary Gensler has led a “reign of terror” and accusing the US Treasury Department and banking regulator Office of the Comptroller of the Currency as being “aggressive to the industry. He stated that regardless of how the US presidential elections turn out next month, the future of cryptocurrency policy will be brighter.

Garanti BBVA Kripto Partners with Ripple and IBM to Enhance Security

Meanwhile, Garanti BBVA Kripto has partnered with Ripple and IBM to strengthen the security and efficiency of its trading platform. This agreement follows a successful trial run in 2023 and intends to improve how the site serves its 14,000+ members.

New Customer Alert 📣 @garantibbvakrp is leveraging Ripple Custody and @IBM to bring the highest security and performance to its growing crypto trading platform.🇹🇷

Learn how secure custody is key to unlocking value in the digital economy: https://t.co/5g1Qt0HKuB

— Ripple (@Ripple) October 23, 2024

Ripple Custody and IBM’s integrated solution enables the bank to create, implement, and maintain institutional-grade key management infrastructure using end-to-end security to secure private keys, apps, and data.

According to Korcan Abalı, CEO and Member of the Board of Garanti BBVA Kripto, a rising number of consumers prefer to transfer and keep their crypto assets. We will continue to grow by diversifying our asset base and improving our service infrastructure. Ripple and IBM provides us with institutional-grade custody infrastructure which delivers safety, rigorous governance, and compliant processes.