The CEO of Ripple blockchain firm, Brad Garlinghouse has expressed that XRP is efficiently solving a real-world problem in the cross-border remittance industry, adding that Ripple has no plan to readjust its strategy in the tech world.
Garlinghouse made the assertion in response to a release published by Financial Times which claims that Ripple, eight years after its establishment, is trying to vindicate the high $16bn total supply of XRP, by resetting and finding a compelling use case for the blockchain technology behind XRP – the XRP Ledger.
Responding to the claim, Garlinghouse also copied New York Times reporter Nathaniel Poppe who also issued opprobrium against him and XRP in regards to the Financial Times’ report. The CEO of Ripple said the San-Francisco fintech company has no intention of resetting, and XRP works for solving a real-world $10 Trillion problem.
“Using XRP to solve a real-world, $10T problem, like cross-border payments, is working.”
Garlinghouse expressed that he does not needs too much of justification as there are data to attest to the potency of XRP in solving real world use case. XRP-dependent On-Demand Liquidity (ODL) product has executed over $2 billion transactions since its creation, and more than 2 billion transactions have been processed on RippleNet in 3 years with a “national value of $7+ billion,” the CEO said.
Remember that it was reported that ODL saw 11 times Year-over-Year growth in terms of transactions volume in the first half of 2020 when compared to H1 2019.
The CEO furthered that the ODL product has been deployed by more than 12 customers across the world with the inclusion of goLance, FlashFX, MoneyGram, and Azimo among others.
Investors Would Have Lost 90% of Their Fund if Staked In XRP In 2018
Citing a statement made by CEO Brad Garlinghouse in 2018 about banks using XRP, Nathaniel Poppe said had investors been swayed by the sweet talk of Garlinghouse then, they would have lost 90% of their investment. Poppe said this in addition to the report by Financial Times.
The reporter said he can vividly recollect that the CEO of Ripple assured that banks would use XRP for transactions in the near future, however, that hasn’t materialized. He added that “Ripple’s biggest bank investor” even opted not to use the cryptocurrency.
Poppe concluded that investing in XRP then, and holding it till today, would have amounted to about 90% lose in investment.
Yesterday, NewsLogical reported that Ripple’s Managing Director in South Asia and MENA, Navin Gupta, stated that the RippleNet version used by financial partners in India does not include the use of XRP for transaction settlement due to regulatory uncertainty in the country.
Afterward, CEO Brad Garlinghouse clarified that he had made a typo in his previous assertion. Brad said rather than the 2+ billion transactions he earlier stated that RippleNet had executed in 3 years, the Ripple-based solution only processed over 2 million transactions within the said period, hence it was a misspeak.
However, as regards the over $7B value of national transactions which RippleNet has executed, the figure remains the same.