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Ripple CTO Would Burn 48 Billion XRP

Ripple CTO Would Burn 48 Billion XRP

Ripple CTO said that if "majority wanted rule change," the company would burn 48 billion XRP. In recent years, Ripple, distributed payment processing provider and issuer of the XRP token has earned a considerable amount of flak to preserve its distance from the token by using XRP. 

In the second quarter of 2020, Ripple sold more than $32 million in XRP, while its company reported an extremely bad quarter. And according to data from its own company, Ripple still holds an additional 48 billion XRP in a truck account (which is "strategically" to be sold on the market). 

That probably has caused a backlash from the wider, loyal (and bag holding) community about the company's price manipulation, its profit, and otherwise its distance from XRP. 

These are not new critiques. Suspicious records show the monthly XRP sales by XRP exceeded 196 million records as of December 2017 when XRP hit its record low of nearly USD.9600 per month.

So far more than 5.5 billion XRP have been sold, which today amounts to $3.45 billion.

But Ripple has made some token buybacks this year in support of the continually dropping prices of XRP. In the third half of 2020, it bought more than $45.5 million of XRP for approximately $0.10 to  $0.15.     

However, for XRP holders, there could be better news. According to Ripple CTO David Schwartz, if the community of XRP voted for such a situation, it will burn the 48 billion discharge.

Can Ripple burn their XRP?

In a tweet, Schwartz said that the XRP community might still vote for Ripple to burn its entire stash of stalked tokens, insisting that the blockchain is very democratic" about such decisions.  He said:

"There would be nothing Ripple could do to stop it from happening".
Public blockchains are very democratic. If the majority wishes to change the rules, there is nothing the minority can do to deter them."

Ripple CTO twit

Such a change would mean that the stash of Ripple would be six billion tokens, while the supply of XRP would be set at just over 50 thousand tokens. This network has a total of $27 billion today, the fourth largest public network in the world. 

Meanwhile, the idea of the escrow number burned did not seem fulfilled to anyone in the XRP community. But the minority can do nothing to stop it as Schwartz put it.

Ripple Burn XRP

XRP Remittance Platform Aggressive Expansion in 2021

The senior product management and business development deputy chairman of Ripple said that next year the payments company is planning an extensive expansion of its XRP transfer network. 

Asheesh Birla explains the state of the XRP-powered On-Demand Liquidity (ODL) product of Ripple in a new interview on the Lend Academy Podcast. 

The senior product management and business development deputy chairman of Ripple said that next year the payments company is planning an extensive expansion of its XRP transfer platform.

Asheesh Birla outlines the status of Ripple's XRP-powered On-Demand Liquidity (ODL) product and what's planned for the future in a new interview on the Lend Academy Podcast.

"I believe you can send three destinations all over the world with the crypto-currency product. In 2020 and 2021 We are this is being aggressively expanded  ODL, on-demand liquidity".
We will continue to expand. I said that is as destinations in a couple of countries, we want global coverage by regulators as far as possible. 

As two leading ODL users, Birla emphasizes MoneyGram and Azimo. "The traction was so good that 10% of the dollar to Mexico, which is the highest remittance corridor in the world, now transcends blockchain technology, digital assets, and RippleNet.

So, in only a few years after the launch, we made a pretty big dent. It's real, therefore. It's used by people. 

Compared to the conventional world, where excess capital exists around the world just to promote payments which are insane, it is far greater. 

It removes a lot because you now have confidence in a digital asset. 

Those big megabanks don't trust you to move your money."  Birla says that after the recent launch of its new loans platform, Ripple will be able to focus on e-commerce payments.

I think, you know, other areas also exist and you're listening, you get the lend down, you receive payments that open up a lot of others.  One is e-commerce in particular. You saw a boom in e-commerce growth with COVID, I think. 

and I do not believe you have the right financial infrastructure to support such enterprises, so I look forward to doing that in terms of innovation and construction for the next year."

Brad Garlinghouse (CEO of Ripple)says that the lack of regulation of crypto-assets other than Bitcoin and Ethereum prevents companies from using new technologies for payments. 

In a new CNN interview he reports that Ripple's U.S. customers have largely been unable to use On-Demand Liquidity to move money across borders with digital asset XRP.

They will also ask me about the regulatory dynamics when I speak to clients and we talk to them about our product that uses XRP in payment flows. And we've had clients say that we're going to hold off until there are clarity and regulatory frameworks.

Because of the consistency and assurance in countries like the UK or the UAE or Switzerland, as I said, that was not the case. In those markets, you have businesses that say we're supportive. Let's move ahead. 

Although Ripple is headquartered in San Francisco, Garlinghouse says, the vast majority of its clients are overseas.

"95% of our customers are non-US clients and in the USA only about 5%. And people say, well you're an American company, why? One of the dynamics is that we have US companies that demand clarity and the clarity comes from the Securities and Exchange Commission (SEC). 

Nearly three years ago the US SEC said that Bitcoin is no security. Two months later they said that Ether is no security”

Yulina Firmansyah
Yulina Firmansyah Hi, I am a wife who really loves crypto and blockchain technology, I am a writer for this blog.

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