2018-8-24 00:08 |
DailyHodl reports that Ripple CEO Brad Garlinghouse says Wall Street investors are buying and holding XRP at a record rate. Despite falling prices in the current bear market, Ripple has been mounting positive momentum in the press recently after winning its first court case earlier this month and revealing the company’s plans to enter into Chinese markets. To further add to the excitement of XRP holders, Brad Garlinghouse revealed during a recent YouTube AMA that Ripple’s upcoming quarterly report reveals a growing interest from institutional investors:
“One of the things I will tease for a future announcement – we’ll do the Q3 XRP markets report, which we always share, where we’re seeing institutional participation in buying XRP. Q3 will definitely be a record of institutional participation in buying and interest in holding XRP.”
Garlinghouse added that he is noticing a growing trend of institutional investors finding ways to enter into the the greater cryptocurrency space. He specifically mentions the highly anticipated Bakkt exchange: a new cryptocurrency exchange being developed by Fortune 500 New York Stock Exchange operator Intercontinental Exchange in partnership with big companies like BCG, Microsoft and Starbucks. In a recent news story, Bakkt CEO Kelly Loeffler announced that Bakkt exchange will not offer margin trading, likely as a means to incentivize institutional investors to engage with Bakkt BTC futures contracts. Ripple’s CEO said the following: “The announcement from ICE and their planned exchange called Bakkt, with participation from a handful of participants, I think it’s a big deal and I think it’s indicative of where the world is going. I think we’re going to see more players enter, and I think that’s a good sign. That’s indicative of the maturing of the industry. I’ve been fond of saying we’re still at that toddler stage and we’ve got a ways to go. And as we see major participants enter the market, I think it’s a big step forward.” Suggested Reading : Learn more about Ripple here. Ripple Addressing DecentralizationOne of the biggest complaints surrounding Ripple (XRP) since its inception is that it doesn’t meet the standards of decentralization that cryptocurrencies are expected to follow. One of the ways this manifests in Ripple is that the company currently owns over 60 percent of the total supply of XRP, 91 percent of which is currently in escrow. Ripple is currently entrenched in a series of lawsuits involving prosecutors alleging the company has been using its control over XRP to manipulate prices in the market. As stated earlier, Ripple won its first case in this series of filings earlier this month. Ripple still maintains the position that it has put a healthy and ethically-sound distance between the company and the XRP token:
“Ripple’s going to continue to focus on – are we solving real problems? We want to make sure that we’re creating as transparent an XRP ecosystem as possible, as one participant in that ecosystem. We’ve been, I think, more proactive and transparent than really any other major player in this space. People say, ‘Well, you own a lot of XRP.’ Well, we don’t know how much Ether or some other major players know. We just happen to be more transparent about that.” The full AMA can be found here.The post Ripple CEO Says Institutional Investors are Buying XRP at Record Rate appeared first on UNHASHED.
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