During an interview that took place in Davos, Switzerland, earlier today, Ripple CEO Brad Garlinghouse said that he agrees with Ethereum co-founder Gavin Wood's recent statement about how many cryptocurrencies will not survive.
"I would echo that," Garlinghouse remarked.
Crypto's pre-Cambrian stage
In 2019, Garlinghouse famously predicted that 99% of all cryptocurrencies would go to zero.
The initial coin offering boom was not "particularly great" for crypto, the executive said. That said, he admits that his prediction was not accurate since the total number of cryptocurrencies grew to 19,574.
The industry is still in its "pre-Cambrian" stage since there is still a lot of experimentation.
Some of the Layer 1 technologies are here to stay for sure since they solve different use cases, Garlinghouse says.
Garlinghouse has noted that the non-fungible token sector, which mainly runs on Ethereum, is suffering from astronomical gas fees. There has to be a better technology to support NFTs since they are not going away, according to the executive.
As reported by U.Today earlier today, Garlinghouse also weighed in on the company's plans to go public in the future. The company's potential IPO would only be possible after it resolves its long-lasting legal fight with the U.S. Securities and Exchange Commission, which has now stretched into its 15th month.
Garlinghouse is convinced that the company has reached enough scale to eye a public listing. While its business in the U.S. has been ground to a halt by the SEC lawsuit, Ripple has achieved significant progress with its overseas partners, who now account for roughly 95% of the company's clientele. The company's growth is almost entirely outside the States, Garlinghouse says.