Ripple CEO Brad Garlinghouse recently addressed the impact of the ongoing "crypto winter" during the Point Zero Forum held in Zurich, Switzerland.
The seasoned tech executive highlighted a new focus on making cryptocurrencies more useful and strengthening their underpinning systems.
He painted a picture of the U.S. market conditions and regulatory hurdles with the term "permafrost" to underscore the severity of the industry's predicament.
However, beneath this frosty surface, Garlinghouse's remarks conveyed a sense of optimism about the future of cryptocurrency. Like a determined architect, he stressed the importance of focusing on constructing rock-solid infrastructures.
This year's forum hosted a roster of notable speakers, including Singapore's Deputy Prime Minister Heng Swee Keat, Adrienne A. Harris of the New York Department of Financial Services, and Swiss National Bank Chairman, Professor Thomas J. Jordan.
The current "crypto winter" has seen a sharp decrease in the prices of many digital currencies, including XRP.
However, leaders of the likes of Garlinghouse view it as an opportunity to focus on foundational elements of their technology and build for long-term utility.
Vladislav Sopov