Garlinghouse Says Central Banks Still Move Gold Like the 1940s

Ripple CEO Brad Garlinghouse said the Dutch central bank, DNB, spent several months redeploying about 86 tons of gold from New York and Ottawa to London, involving about $11 billion. According to ChainCatcher, about 59 tons were moved through market transactions, with gold sold in New York and bought in London, while more than 27 tons were physically transported. After the move, DNB's gold holdings in London rose from 18.1% to 32.1%, while total reserves remained unchanged at 612.4 tons. Garlinghouse said crypto has grown from a $1.5 billion experiment in 2013 into a $2.7 trillion asset class, while central banks still transfer value in a way that dates back to the 1940s.