Bobby Lee, Brad Garlinghouse, Robert Sluymer, Brian Stutland and Adena Friedman speaking on cryptocurrency and blockchain issues.
Quotes, Week 23 ’18
Ripple and XRP’s “hostile takeover” FUDs washed clean by Ripple’s CEO Brad Garlinghouse and CTO, David Schwartz
An article titled “Hostile takeover effort emerges for a popular cryptocurrency” surfaced on Twitter which mentioned that a company called “Valor” is trying to take over “XRP”. This article faced a lot of heat as Ripple’s CEO Brad Garlinghouse and the CTO, David Schwartz came in to fend off these FUDs. The original article mentions how the company Valor which was started in 2017 by Vishal Harpalani plans to take over XRP by creating a “fork” or “clone” of XRP. The article mentions that Valor would do this by raising “tens of millions” of dollars to short XRP. After XRP gets devalued Valor would then give out one Valor token for every XRP the users hold. The article goes on to state: “Valor would then redistribute extra Valor to its community and incentivize holders to exchange even more of their now-devalued XRP. Basically, force a capital flight.” The article also stated that Harpalani is working on a Hostile takeover of a top-10 cryptocurrency, but that he declined to discuss XRP or Ripple. Dan Primack’s article faced a lot of heat and criticism by the XRP community as well as Ripple’s CEO and CTO. David Schwartz commented: “This is amusing. A hostile takeover of the XRP Ledger is not technically possible nor does this plan make economic sense.” Brad Garlinghouse retweeted David Schwartz’s tweet, saying: “.@danprimack wants to sell some snake oil… any buyers out there!? Media have a responsibility to help the industry understand what’s hype vs. substance, not to propagate blatant attempts at market manipulation. When will media coverage of this industry mature?” Schwartz and Garlinghouse disagree completely with the idea “if a hostile takeover could be done on XRP”. Dr. T also stepped in further substantiating the above mentioned. He tweeted: “It’s not possible to do a “hostile” takeover of XRP Ledger because unlike bitcoin where whoever controls majority mining or Proof of Stake where whoever owns majority coins, CONTROL the network, in XRP you have to individually CONVINCE majority users to switch. There’s choice.” The post Ripple and XRP’s “hostile takeover” FUDs washed clean by Ripple’s CEO Brad Garlinghouse and CTO, David Schwartz appeared first on AMBCrypto.
Ripple CEO Brad Garlinghouse: Financial Banking Institutions Can “Flip The Switch” On XRP Integration
Ripple’s CEO Brad Garlinghouse: Financial Institutions And Banks Are Confident To “Flip The Switch” Ripple’s chief executive officer, Brad Garlinghouse, has drummed support for XRP, saying that financial institutions and banks are confident to “flip the switch” by integrating their digital asset. Speaking to Fortune, Garlinghouse reiterated his belief of the 200 financial institutions and banks that have already collaborated with them, and are now looking to integrate xRapid, one of Ripple’s product suits that use XRP to enable cross-border transactions. In his own words, Garlinghouse said that: “This is the year the wheat will be separated from the chaff. Not many months ago, the media was saying no one will use XRP, which made for good skeptical headlines. Today, you can’t say that, as people are starting to use xRapid because it’s better, faster and cheaper.” Euro Exim Bank To Use xRapid Beginning First Quarter 2019 Ripple has made significant strides towards popularizing its xRapid and many banks have shown interest in adopting it for their cross-border payments. One particular bank that is expected to begin its trials in the first quarter of 2019 is the Euro Exim Bank. Exim bank aims to utilize XRP to power its payments across 80 countries in order to serve its global customers faster and better. Other institutions that will follow suit include Financial Transaction Control System (FTCS), a finance company based in Stockholm; Transpaygo, a mobile payment fintech company based in Vienna; SendFriend, a fintech company for global remittance market based in New York; and JNFX, a foreign exchange firm based in London. Good News For Ripple’s 2019 Success? Partnerships are important when it comes to any blockchain project. While Ripple has perfected on its marketing, convincing banks and financial institutions to join its network, it remains to be seen if the companies will succeed once they began to use Ripple’s xRapid for their cross-border payments. With more partnerships lined up this year and many institutions looking to test Ripple’s new system, it’s likely that the value of XRP will skyrocket in 2019. Even with the recent price crash, Ripple has managed to beat its closest competitor in terms of market capitalization, Ethereum, taking the second spot after Bitcoin.
The Chief Executive Officer [CEO] of Ripple, Brad Garlinghouse said that banks and financial institutions are self-assured to “flip the switch” and integrate the digital asset XRP. In a recent interview with Fortune, the San Francisco payment startup CEO talked about his belief of the 200 banks and financial institutions that have joined hands with Ripple’s network are getting prepped up to utilize xRapid, that uses XRP to boost cross-border payments. Garlinghouse said: “This is the year the wheat will be separated from the chaff. Not many months ago, the media was saying no one will use XRP, which made for good skeptical headlines. Today, you can’t say that, as people are starting to use xRapid because it’s better, faster and cheaper.” Ripple received good news from Euro Exim Bank, as they announced to be the first bank to commercially implement xRapid to power payments for its customer base. Exim, which has branches in London and St. Lucia, said that it will begin using xRapid in the first quarter of 2019, reported the publication. The bank aims to make use of the digital asset to power payments in 80 countries around the world for its customers. Euro Exim is one amongst the five companies that will use XRP to power payments on behalf of their clients. The others are namely, JNFX- a London-based foreign exchange firm, SendFriend -New York-based fintech for global remittance market, Transpaygo- Vienna-based fintech for mobile payments, and Financial Transaction Control Systems [FTCS]- Stockholm-based company building financial infrastructure, reported the publication. Ripple is responsible for about 60% of the total XRP supply and has the majority of its XRP locked away in escrow. However, the company regularly sells portions of its holding to institutions and cryptocurrency exchanges. At the time of press, XRP, the second largest coin was valued at $0.3239 with a market cap of $13 billion. The 24-hour trade volume of the coin was reported to be $554 million with a dip of 2.61% over the past day. The post Ripple’s Brad Garlinghouse says, financial institutions are self-assured to “flip the switch” appeared first on AMBCrypto.