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Ripple CEO Brad Garlinghouse said the new cryptocurrency is focused on working with banks and other institutions to “dramatically improve” the way money moves globally. The new cryptocurrency is both a transaction network and crypto token, XRP, created as the go-to cryptocurrency for banks and global money transfers. Ripple is speeding ahead to become the world's second-biggest cryptocurrency and it announced in January that XRP will be used on the top three money transfer sites. CEO Brad Garlinghouse told Fox News: “Ripple has really been very proactive in working with financial institutions, working with the banks, with the payment providers.

Getty•Fox News Ripple CEO said the cryptocurrency will work with banks to improve the way money moves globally

Ripple has really been very proactive in working with financial institutions and working with the banks Brad Garlinghouse

“We are working with three out of the five largest in the world. We will publicly make those announcements with those customers when they are ready. “Having thoughtful regulation and working with Government’s we announced we are working for the Bank of England, as an example. “We announced things we’ve done with the US fed and their faster payments taskforce. “We are going to keep working with the system because I think the early days of bitcoin are all about down with government and down with banks.