Ripple makes 30 deals per week with banks
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Ripple makes 30 deals per week with banks

By Marco Cavicchioli - 18 Oct 2019

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The CEO of Ripple, Brad Garlinghouse, said they are signing more than 30 deals per week with banks. 

He said this during an interview, stating that the company is carrying out more than 30 transactions per week with financial institutions. The reason behind these agreements would be the use of Ripple’s technology for instant settlement between different banks, although other than this statement there are no confirmations of these numbers. 

He also confirmed that the company still owns about $15 billion in XRP, adding that Ripple has more than $305 million in cash at the bank. For this reason, he states that they do not need to raise capital.

As early as the beginning of October, the company stated that it had over 200 ongoing partnerships with financial institutions around the world, although it would take less than seven weeks to reach this level at the rate of 30 new partnerships each week. 

In the same interview, Garlinghouse commented on the Libra project, stating that in his opinion it would not have attracted so much opposition if it had been proposed by, for example, PayPal instead of Facebook. 

“I think that the way they approached it demonstrated, frankly, [from] my point of view, arrogance in how they rolled it out. I think Facebook did not appreciate the trust deficit they had”.

He also added that he fears there may be more controls on cryptocurrency companies because of Libra. 

But perhaps it’s no coincidence that his statements against Libra coincide with those relating to the large number of agreements they are signing with banks. 

While it is not clear why XRP should be better than Libra, that high number raises some doubts.

The opposition of Ripple against Libra runs the risk of being used as a way of hiding or exorcising a certain fear for a powerful competitor, while such optimistic statements about the evolution of the company’s turnover might seem an attempt to try to convince current and future competitors to desist by making Ripple pass as virtually unbeatable. 

 

Marco Cavicchioli
Marco Cavicchioli

Class 1975, Marco teaches web-technologies and is an online writer specializing in cryptocurrencies. He founded ilBitcoin.news, and his YouTube channel has more than 11 thousand subscribers.

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