Ripple CEO: Dutch Central Bank Took Months to Transfer $11 Billion in Gold, Which Is Exactly an Ideal Use Case for Cryptocurrency

According to Bitcoin.com, Ripple CEO Brad Garlinghouse posted on September 4 that the Dutch Central Bank (DNB) spent several months redeploying approximately 86 tons of gold from New York and Ottawa to London, valued at roughly $11 billion. Approximately 59 tons were handled through market trades (selling in New York and buying in London), while over 27 tons were physically transported. Following the operation, DNB's share of gold reserves held in London increased from 18.1% to 32.1%, with total reserves remaining unchanged at 612.4 tons. Regarding this move, Garlinghouse noted that cryptocurrency has evolved from a $1.5 billion experiment in 2013 into a $2.7 trillion asset class today, yet the methods used by central banks to transfer value remain stuck in the 1940s. "This is the ideal use case for cryptocurrency—the ability to store and transfer value globally, instantly, securely, and at a low cost."