The growth of the cryptocurrency market is being undermined by “tribalism,” Ripple Chief Executive Brad Garlinghouse told CNBC.
“I own bitcoin, I own ether, I own some others,” Garlinghouse said, according to the news outlet. “I am an absolute believer that this industry is going to continue to thrive.”
Ripple is a blockchain company that supports payments companies and engages in international transactions. The company, which counts Santander among its customers, states it has 500 employees in nine offices around the world.
Speaking at the Paris Blockchain Week Summit last week, Garlinghouse reportedly said: “Polarization isn’t healthy, in my judgment.”
“All boats can rise,” he added.
A former Yahoo executive, Garlinghouse said different bitcoin companies serve different sectors of the bitcoin world just as Yahoo and eBay co-existed during the dotcom boom of the late 1990s.
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CNBC cited data from CoinGecko indicating there are “tens of thousands” of cryptocurrencies with a combined value of about $2 trillion.
CNBC noted that amid all the bitcoin variety, there are individuals called “maximalists” who only traffic in bitcoin. Among them, according to CNBC: Twitter co-founder Jack Dorsey and MicroStrategy Chief Executive Michael Saylor.
With maximalists forging a camp distinct from the broader industry, Garlinghouse said, the cryptocurrency industry has “fractured representation” in Washington, D.C., even as the potential for increased regulation looms.
“The lack of coordination in Washington, D.C., amongst the crypto industry, I find to be shocking,” Garlinghouse reportedly said.
Ripple reportedly owns most of the XRP tokens in circulation and uses an escrow account to release shares when necessary to maintain price stability.
