Ripple CEO refutes report claiming the firm is shifting focus from cross-border payments
August 14, 2020, 12:56PM EDT
1 min read
Brad Garlinghouse, the CEO of Ripple, took to Twitter to condemn a Financial Times article that said the cryptocurrency firm intends to “reset” its approach by focusing on additional blockchain use cases.
The Financial Times reported Ripple was looking to build tools to help developers build blockchain applications. The firm is utilizing the platform for pursuits “far beyond” the cross-border payments system it initially planned to build, according to the article. However, Garlinghouse refuted that this constituted a pivot in Ripple's strategy.
“Ripple has absolutely no plans to ‘reset’ our strategy. Using XRP to solve a real-world, $10T problem, like cross-border payments, is working,” Garlinghouse tweeted late Thursday evening.
One former executive told The Financial Times that Ripple is still sitting on about 55 percent of total supply, making company value still tied to XRP "with an option on a small software business," according to the article.
Ripple was originally set up to build a blockchain-based cross-border payment platform that streamlined the entire transaction process. However, the firm has seen less traction with banks and financial institutions than it had anticipated. Moreover, as The Block previously reported, companies using Ripple’s platform and its XRP cryptocurrency receive incentives in XRP or cash when they promote Ripple's solutions.