4/9/2023 0 Comments Tetragon xrpGarlinghouse says he’s not concerned, noting that the central bank experiments are focused on domestic currencies, not moving money across borders. If these projects come to fruition, they could potentially undercut Ripple’s business model. And banks like JP Morgan are launching so-called “stablecoins,” which are synthetic versions of the dollar pegged to reserve funds. Meanwhile, Facebook is pushing forward with its ambitious plans to use blockchain-the technology that underpins Bitcoin and XRP-to transform global payment systems. While XRP may be more efficient than traditional methods (like wire transfers) of moving money across borders, skeptics question whether there will be a role for Ripple in the future.Ĭurrently, China is on the cusp of issuing a digital version of the renminbi, while centrals banks in Canada, England, and elsewhere are experimenting with digital versions of their own currencies. A place for XRP in an age of digital dollars? One unit of XRP is currently selling for around 18 cents and, like other cryptocurrencies, has slumped in the last year. While Ripple earns money from licensing its money transfer software, its priority is XRP, since widespread adoption of the cryptocurrency would boost its price-and allow the company to profit from selling its reserves. Garlinghouse declined to disclose details of Ripple’s revenues or operating profitability, but said the company is adhering to its core strategy of promoting the adoption of XRP. Garlinghouse says Ripple clients also use significant volumes of XRP to facilitate transfers of Australian dollars and Philippine pesos, and that the company is testing transfers of Brazilian real.Īs for the new funding round, Garlinghouse cited a high level of investor interest in Ripple, saying the company did not need the money, though the funds will provide “balance sheet flexibility.” A Ripple spokesperson said its plans for next year include hiring up to 150 new employees and adding overseas offices.
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