Garlinghouse said that Ripple’s XRP solves the $10 trillion cross-border problems. He confirmed that the company’s strategy is still on course.
Brad Garlinghouse, the CEO of Ripple, has responded to a statement made by New York Times technology reporter Nathaniel Popper about the investment in XRP and potential outcomes.
According to Popper, it would have been a mistake if any investors put their funds in XRP-based on the assertion by Garlinghouse that banks planned to use the Ripple platform as a transmitting medium.
Popper highlighted that XRP has lost 90% of its value since the claims were made in January 2018. He expressed his view via Twitter:
“If investors put their money into XRP on the day @BradGarlinghouse talked about the banks planning to use XRP — and held it to today — they would have lost around 90% of their investment.”
New York Times Reporter vs Ripple CEO
Popper further insinuated that there are many investors that were misled by the comment which created the impression that the demand for the Ripple token due to the said adoption by banks made an investment in the token a good idea.
In a response to Popper’s tweet, Garlinghouse said that Ripple’s XRP solves the $10 trillion cross-border problems. He maintained that the company’s strategy is still on course.
According to him, Ripple’s On-Demand Liquidity (ODL) formerly known as x-Rapid is responsible for the transmission of over $2 billion since its launch. He further cited that the volume sent and received on the platform in the first half of 2020 is 11 times more than what it was in the same period in 2019.
Garlinghouse said that over a dozen clients are supported by ODL. Some of these are MoneyGram, Golance, Azimo, Viamericas, FlashFX and others. An XRP blockchain explorer, Bloxy shows that the network was producing 900,000 transactions daily by 2020. The data shows that there was a huge spike of 3,000,000 on January 7.
Popper’s case was not helped because he didn’t get Garlinghouse’s twitter handle correctly. The Ripple CEO brought up the matter at the end and wrote:
“P.S. @nathanielpopper, for future reference — quick fact check and in keeping with NYT standards — my Twitter handle is @bgarlinghouse, not @bradgarlinghouse.”
Not surprisingly, a string of responses followed Garlinghouse’s tweet with many followers supporting his response. One of them was XRP supporter and YouTube enthusiast, CryptoEri who wrote:
“So glad you spoke out. That was the correct thing to do.”
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Chuks is a blockchain enthusiast and finance researcher that has covered the crypto sphere for several years. He believes that the evolving technology would change how we do business.