Q&A from Ripple
My first question for you is when I came in here I asked to go to the bathroom and the very first thing I saw was a sign the bathroom stall that said fast fact ripple is not the same as xrp and then a small explanation. Really, yeah see I've not better the ladies and I wouldn't know that Ripple whose digital asset XRP has bounced up to briefly become the number two cryptocurrency twice already this fall has its headquarters in San Francisco California.
There are sixty billion in XRP with fifty five billion of that currently locked up in escrow. So I was working here would you consider it a corporate environment this is a very different vibe than I have worked into the past. What really got me is my first two weeks here I'd go to leave the building and I go to hit the badge to bet you can badge in alright when I was badging out there's nothing to pick but I realized what really goes out of this company is the focus isn't getting your job done. Not knowing your objectives. Are you know your key results are supposed to be the further quarter and that's entirely our focus.
What's it like here what's the opposite well you know so classic Silicon Valley open engineer is gonna work whatever where they want to work these are competitive days you've got to make your workplace fun our people. I don't want to work those guys we've had these corporate values right let go. All right well I gonna live it enjoy it get it done go for it own it it's fun to work with people who want to hustle and get stuff done but also kind of hold each other accountable to finish that work.
So I noticed in an interview one of the things that you said that needs to happen here is about investor production regulation you said specifically we need more investor protections and they can't come fast enough. To elaborate a little more on that in the long history of finance as long as there have been sort of new ways to make money they're been crooks who show up to try to steal some of that money and we certainly see it in everything we saw it in atomic energy. We saw it new oil and gas sector way back at whim. We certainly saw it in the dot-com era. We saw it in subprime financing. We've seen it in the world of Krypton. We've seen these these really sleazy offerings that looked like they're not actually trying to start businesses which is separate people from their money the SEC has stepped in investor protections have emerged all around the world for this.
It can't happen fast enough because it makes it harder for those of us who are pursuing legitimate technological solutions using these technologies. To do the things we want to do when there's all these kind of bad things happening on the periphery so one thing I've noticed about just coming up to the office here is that you're surrounded by banks right down there it was worth it was the first Bank of America building before that was called Bank of Italy was fine about AP Giannini the plaza behind this is AP Giannini Plaza.
Now you know you changed into Bank of America and as headquarters still there and so it's kind of cool that were sort of building the future of banking and banking software right here in the space. The xrp ledger is decentralized because no organization or individual has any legal right or ability to control it. Every participant enforces every single rule and the system is governed by all of its participant David Schwartz a rather unlikely cheerleader. In any other sense considers himself a cheerleader for the XRP Leger. I think while proof-of-work has kind of proven to be a dead end and hasn't produced any technological innovations of any significance nor has its produced actually increasing centralization and systems based on. There's a lot of work to improve the decentralization and improve the robustness of systems based on distributed payment protocols.
Historically the XRP Ledger as the stakeholders have broadened has become more decentralized than the influence of any single participants has reduced and we would expect that only to continue over time. It's really clear to us that XRP is not a security an extra piece relationship to ripple is proof of that but maybe more importantly, you've also got XRP you can buy all the XRP you want doesn't give you the rights to a dime of the company's profits or earnings per share or dividends doesn't give you a single share or any interest in the future of this company. And god forbid if this company were to go away be a very sad day for the Johnson family but it wouldn't make a bit of difference to XRP. XRP continues to exist separate from the company ripple and so for that reason I think when the SEC takes a good hard look at this and we know that they're starting to do some that work they're gonna recognize I suspect that XRP is so clearly not a security.
So what do you think the environment is like working here ripples opposed to banks. I mean basic things like do people have to come here at 9:00 a.m. Is there a dress code you know how does it change from working at you know Merrill Lynch we are driven by what we have to get done now how you do it. So if you want to do it in flip-flops oh you want to do it we're doing wind tips it doesn't really matter if we use a measure here called okay ours which is a kind of standard Silicon Valley metric for knowing exactly your key results or objectives and key results before the quarter so every person works or everyone has a list of okay ours and if we all meet these goals the company will proceed towards success.
So importantly we've got three products. So we've got X current which is our oldest product in the market, the longest x rapid which is fairly new to the market and then X via very very new and so expect our rollout would be most of them be X current a little bit would be X rapid and even less will be X via over time.
That might change but initially the oldest stuffs gets the most traction because customers had a chance to look at it the longest and get used to the idea more quickly so similarly what countries are they going to go into I think they're going to go those places where they're ready for a change but where there's an app; Some actual use. So if you look for example we just did some announcements around some partners who are going to be trading we're already trading an XRP in US. in Mexico, Philippines, Indian China have banned the use of crypto in most cases. But in Mexico and the Philippines those are countries where there's a lot of remittance payments going out of other countries into Mexico to Philippines and there's a lot of trade in XRP so I think we're gonna see a lot of adoption of our products.
In those countries were already seen that okay so I also notice from the sign on the bathroom stall that you guys have yoga classes. Yoga classes happen in here apparently you have like the free stuff it's Silicon Valley writ large. I'm a big fan of the grapefruit I go through half a dozen a day when they find out this stuff is bad for em toast but you know, I think it's expected in Silicon Valley. You know you're here you work all day you you work all night you're here earliest a late at least free water free snacks we have meals together we think that what we're doing is really important. We think that you know you can just be cynical to say we're making software for banks to lower their costs of doing business or you can think about all of the businesses we're gonna enable you to think about all the people who who you know work hard to send money homes their families only to give up up mostly in fees to banks.
When it comes to moving money across borders, we've been pretty focused on just that for some time now and that I think it's given us a head start. So I saw this thing on Reddit where a redditor commented saying that he had this idea going on something grad Garlin House said where ripple should have a person carry cash physically from New York to London and see if it can beat Swift you know door to door. Is that something you guys would ever want to test out fundamentally the fastest way to move money is put in a suitcase right now and that's ridiculous and that's the age we live in and frankly the biggest problems are not from New York or London. The biggest problems are a movie or going Thai buy out to South African Rand or if you're trying to move money from Japan to Brazil. I mean these are places where a lot of Commerce happens but it takes a very long time to move the money and it's really slow and there are a lot of errors that's ridiculous you know in an arrow.
I mean you and I send text messages to friends overseas in seconds they sent an email with an attachment with an Excel spreadsheet. With all kinds of important data in seconds but it takes days to move money that's that's crazy that it causes businesses to lose business and it raises the cost for individuals moving money back to their families and there's you know there's three floors so how often does everyone get together. That's important there were two floors only a few weeks ago we are growing like crazy got offices all over the world literally and in here in San Francisco in New York in London in Luxembourg in Mumbai in Sydney. We've got joint partners in Japan is a global operation and we're really trying to focus on the places where we can provide help with our software.
It's a fun place to work and we're trying to make sure it's a fun place to work we're gonna bring the best in the brightest the golden ratio all right so it's symbolized by Phi this Greek symbol but the golden ratio is it's a math the a plus B over B when it equals a over B is a what. Well it's about one point six one eight oh nine eight nine seven. If you pull out those metric differences in those circles you end up with these Fibonacci sequences or it has a different way you start to see network structure where you've got a hubs and you've got a less important hubs in a network and so out of that we create a logo called the Triskelion which is our rippled logo but it really does come out of that mathematic principles golden ratio.