Michael Arrington Pays a $.30 Fee to Make $50 Million Dollar XRP Transaction
Michael Arrington Moves $50 Million Dollars Through XRP Paying $0.3 in Fees
Ripple and XRP continue to show that they are able to provide very impressive results. Ripple has created services for financial institutions and banks from all over the world to process cross-border payments in just a few seconds and paying very low fees.
During an interview published by Steven Diep, Michael Arrington said that he used RIpplein order to move funds in a fast, cheap and secure way. Mr Arrington is the CEO of Arrington XRP Capital. His company was able to move $50 million dollars in XRP in just 2 seconds, outperforming most of the other blockchains available in the market.
He has also said that they paid just $0.3 cents for the transaction.
On the matter, he commented:
“We moved… $50 million dollars into the Company in XRP in like 2 seconds and it cost 30 cents. Now, that is amazing. There is no way to do that with fiat or Bitcoin.”
We moved $50 million dollar worth of XRP into our company in 2 seconds and it costed 30 cents. There is no way to do that with fiat or Bitcoin.
— Steven Bull From the Diep (@DiepSanh) October 18, 2018
XRP is a very attractive virtual currency for investors and users that want to move money in an easy and fast way.
Despite the fact that Ripple behaves properly and fulfills most of the needs of financial companies, users and banks, it is widely criticized. Arrington said that he ‘doesn’t understand’ why there is such an aversion towards it.
He mentioned that Ripple Labs is a very legitimate company and that they are very good at moving money fast and cheap, something that everyone wants.
Since middle-September, interest for Ripple and XRP grew substantially. The company has also hosted the Swell event and launched the xRapid products. There were also other rumors circulating that helped the price of XRP to surge over 100% in just a couple of days.
Arrington has also explained that although they’ve used XRP, they do not have substantial amounts invested in the virtual currency. Most of the investments of the company are located in other assets.
“We do invest in XRP,” he said, “but most of our investments are in other things.“
At the time of writing, XRP is the third most valuable virtual currency according to its market cap ($18.37 billion dolalrs). Each XRP coin can be bought for $0.459282 dollars, according to CoinMarketCap.