Ripple CEO: ‘Jumped the Gun’ Predicting Banks Would Start Using ODL; It’s All About Regulatory Clarity
While Ripple jumped the gun in predicting a spectacular 2019, this year, which was expected to be a challenging one, is actually doing well, said Ripple CEO, Brad Garlinghouse.
“We aren’t going to grow as fast this year as we thought. However, we’re still getting two production financial contracts a week,” said Garlinghouse in an interview with The Scoop.
“Obv jumped the gun when I predicted 2019 was the year banks would use ODL,” Garlinghouse said on Twitter.
It was recently revealed that Ripple had bought $46 million worth of XRP for the first time in the Q3 of 2020, as such increasing the price of the cryptocurrency.
XRP is currently trading at $0.272, up only 40% YTD, still down more than 93% from its all-time high.
The company, which already owns about half of the digital asset’s supply, made the purchase to support “healthy markets.”
It stated in its quarterly report that Ripple might continue to purchase XRP to support its newly launched product, Line of Credit, that allows its ODL customers to buy XRP on credit from the company.
The report also revealed that Ripple sold $35.84 million worth of XRP to its ODL customers in Q3 but again, no programmatic sales were made.
During the interview, Ripple CEO said the non-transparent regulatory is keeping the company from reaching its potential and that there isn't a “level playing field” for all the digital assets.
“Bitcoin was the only one with the hall pass,” he said, adding Ripple is “fighting with one hand tied behind our back.”
For some time now, Ripple has been considering moving out of the US to a country that has more regulatory clarity. Already, it has opened a new regional headquarters office in Dubai International Financial Centre.
“Once banks have regulatory clarity, there’s little doubt in my mind that they’ll use these technologies,” tweeted Garlinghouse.