How Ripple Plans to Take on Bitcoin

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Nov. 1 (Bloomberg) -- Ripple Labs CEO Chris Larsen discusses how the company plans to take on Bitcoin with Deirdre Bolton on Bloomberg Television's "Money Moves." (Source: Bloomberg)

You said in the past you are doing for money what e-mail did for communication.

Do you think this is really going to take off to that extent?

We really do.

When you look at the world, you see a world completely connected on the information web.

That is tremendous and efficient.

Hope we do not have the sense of a value web.

It is still based on 40-year-old technology.

That is very expensive.

It slows him -- slows incomers.

A lot of the world -- this exchange is value in the same way information is currently exchanged.

That is a big deal, we think.

Do we think people will be comfortable using a kind of virtual currency?

How is what you produced on the digital currency side different from what bitcoin is already doing?

What bitcoin set out to do is to build a new currency.

In a way, bitcoin is a way of storing value.

Ripple is a completely different idea.

We are using the same regular technology, but building a currency agnostic value web.

You do not need to adopt a new currency.

You can use it with dollars, you want, anything you want.

-- dollars, yuan.

We think most people will use ripple using existing things of value like dollars or euros or yen.

To what extent are you saying pushback?

I know you talked about taking market share from western union.

This is a pretty regulated space.

To what extent are you facing headwinds?

Law enforcement and regulators are concerned -- our right to be concerned about new technology.

Though we worked a lot with law enforcement.

We worked with prominent terry -- promontory financial.

There is an ability to help business and show there are more transparent systems for catching the bad guys and eliminating bad things that can happen.

We think that is a win-win.

We think that is the case with these new exciting technologies.

You have done some successful fundraising.

Jason horowitz is one of your more famous backers.

What are you doing with the money?

We are using the money for ripple labs to build an incredible team of software developers, cryptographers, security experts, and business development folks who can bring on banks and mainstream financial companies.

There are about 28 people now in san francisco.

Important to note that ripple labs is the country that has been developing software.

Ripple protocol is an open- source public good.

This is kind of a red hat to limit -- to linux, as an analogy for ripple.

People have criticized the lack of friendliness in the site.

Is that something you agree with?

And is it something you are seeking to remedy?

We have been focusing on building the network, building fundamental architecture to make it easier for other developers will stop little -- developers.

Ripple is like pipes in the foundation.

We are bringing on people to make consumer direct project is year two use.

We are working on a direct to consumer application.

We thank you for the time.

Chris larson joining us there, ceo of ripple labs.

This text has been automatically generated. It may not be 100% accurate.

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