Ripple CEO Brad Garlinghouse pointed to a gold reserve move by De Nederlandsche Bank, the Dutch central bank, to argue that crypto offers a faster and cheaper way to move value globally. According to Bitcoin.com, Garlinghouse said DNB spent months repositioning about 86 tons of gold from New York and Ottawa to London in an operation worth roughly $11 billion. Of that amount, around 59 tons were handled through market transactions, with gold sold in New York and bought in London, while more than 27 tons were physically transported. After the move, the share of DNB’s gold reserves held in London rose from 18.1% to 32.1%, while total reserves stayed unchanged at 612.4 tons. Garlinghouse contrasted that process with the growth of crypto, saying the sector has expanded from a $1.5 billion experiment in 2013 into a $2.7 trillion asset class. He said central banks are still moving value in ways that resemble the 1940s and called crypto an ideal tool for storing and transferring value worldwide with speed, security and lower cost.
According to Bitcoin.com, Ripple CEO Brad Garlinghouse said De Nederlandsche Bank (DNB), the Dutch central bank, spent months repositioning about 86 tons of gold from New York and Ottawa to London in an operation worth roughly $11 billion.
Part of the move was executed through market trades
Garlinghouse said about 59 tons were moved through market transactions, with gold sold in New York and purchased in London. More than 27 tons were transferred through physical shipment.
London’s share of DNB gold reserves increased
After the operation, the share of DNB’s gold reserves held in London rose from 18.1% to 32.1%. Total reserves remained unchanged at 612.4 tons.
Garlinghouse frames crypto as a better tool for moving value
Garlinghouse said crypto has grown from a $1.5 billion experiment in 2013 into a $2.7 trillion asset class, while central banks still move value in a way that dates back to the 1940s. He said, 「This is the ideal use case for crypto — storing and transferring value globally in a way that is instant, secure, and low-cost.」
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