Ripple Is The Largest Investor In The Crypto Market,” Brad Garlinghouse Shares It All - Nodez News

Ripple Is The Largest Investor In The Crypto Market,” Brad Garlinghouse Shares It All

  • Ripple: “We sell software to banks.”
  • With XRP, the idea was to build a Bitcoin 2.0 initially but isn’t the case today
  • 99.9% of the XRP trading volume Ripple has nothing to do with

After much hype, Ripple CEO Brad Garlingouse’s interview with Morgan Creek Capital’s Anthony Pompliano released that covers everything from Garlingouse’s time as SVP at Yahoo running Communications Division and President of Consumer Applications at AOL to all the hard questions about Ripple and XRP.

“I decided I would be an UBER driver, I thought that would be fun! (…) One day a recruiter I know called me and describe what about Ripple. I told him it wasn’t for me initially but after a lot more calls and persuasion I decided to give it a go.”

Garlinghouse joined Ripple as a COO in 2015 and at that time he was about putting

“a dent in the Universe.”

His attraction to Ripple have been that if it works, it would have a bigger impact.

So, what exactly is Ripple?

“We sell software to banks,”

is how he explains Ripple, it just includes components of a blockchain and digital asset.

However,

“with so much excitement about crypto and technology, we have lost sight of what problem we are solving for our customers.”

In the nascent industry, things are always changing. xRapid as a product is even changing, he said.

On another note, he mentioned the recent SIBOS event. He explained how when someone asked a major bank exec if they would work with Ripple, they said,

“26 of our correspondents are working with Ripple.”

Covering XRP

Now XRP, it is an open-source software, a digital asset on the XRP Ledger that was created before the company Ripple, existing since 2012 that has never been hacked.

The idea was to build a Bitcoin 2.0 initially but isn’t the case today.

Brad also touched upon how people believe him to a Bitcoin hater but is long Bitcoin. However, it cannot be a payment network because of its transaction time and cost.

Moving onto to its different profits, he explained the only product that Ripple is selling to customers that use XRP is on-demand liquidity.

As for blacklisting certain banks or customers, Ripple can’t do that because they don’t have the Personally identified information (PII).

99.9% of the XRP trading volume Ripple has nothing to do with

We (Ripple) are the most interested party in the success and health of the XRP and own a lot of XRP.

So, what if Ripple decides to sell a lot of XRP? Why would Ripple do it, questions Brad.

That’s a silly argument, he said because it doesn’t benefit Ripple. So,

“we took it off the table by keeping it in the Escrow”

(55 billion in 55 Escrow) that will unlock each month.

Some of the XRP is used by the company for deals.

“One way we sell XRP is over the counter, institutions ( like hedge funds, crypto speculators) come to us rather than go to the markets.”

Ripple had 20 to 30 unique players come to them.

But now

“we have all but stopped the OTC sales, we just tell them to go to the market nowadays.”

He shares that the company provides transparency and publish data reports. Last quarter was a high watermark in terms of XRP sold.

“I think Q1 was around 170 million USD in over the counter XRP sales, Q2 was around 250 million USD, Q3 is gonna be dramatically lower.”

“And 99.9% of the XRP trading volume we have nothing to do with,”

he further stated.

It’s not just about selling their software to banks. As we have been seeing, Ripple is acquiring and making investments in other projects.

“Ripple is the largest investor in the crypto market. We have invested $500 million in other crypto projects. Some are related to Ripple and some are not,”

Source: bitcoinexchangeguide