Ripple CEO has insisted that his company is solving a $10 trillion real-world problem after criticism from the Financial Times. He also highlighted the success of the company over the years, emphasizing on its growth.
Ripple CEO Brad Garlinghouse has defended his company amidst reports that it was resetting its business model, eight years after the product was launched. The report first appeared Financial Times and indicated that the company was yet to figure out compelling use cases of their cryptocurrency technology. The report also looked at Ripple currency evaluation, XRP market valuation price, and its stake in XRP which was 55 percent of the total cryptos worth over $16 billion.
The report went on to report that after failing to draw banks and other financial institutions to move their technology mainstream, the company was moving in a new direction of making trying to become the Amazon of cryptocurrency. They argued that the move was meant to draw more users to their platform and the latest move would allow the company to support activities far beyond the original cross-border payments system it hoped to build.
Solving a $10 trillion real-world problem
Ripple CEO, in his defense through his twitter account tagging both the Financial Times and Nathaniel Popper, who is a New York Times reporter, indicated that XRP was here to solve real-world $10 trillion problems. He continued by highlighting important data about the company, such as they have already done more than $2 billion in transactions through XRP-dependent On-Demand Liquidity (ODL)
He continued by saying that ODL had grown by 11 times year on year compared to the same time last year and over the previous three years, they had completed over 2 billion transactions with a notional value of over $7 billion. He also indicated that his company had not failed in the cross-border payments system and was already being used by over two dozen firms, including GoLance and Viamericas.
Nathaniel Popper, through his twitter account, had also criticized the company for having failed to make their technology go mainstream. He also said, if the banks had invested in 2018 when it was first reported, the company was going in that direction, they would have lost 90 percent of their investment.