Ripple is Striking Over 30 Deals a Week With Financial Institutions, CEO Brad Garlinghouse

  • Facebook showed “arrogance” in Libra rollout, Brad Garlinghouse
  • The blowback could potentially hurt Ripple and other cryptocurrency firms, he said

Ripple is currently signing more than 30 deals a week with financial institutions, according to Ripple CEO Brad Garlinghouse, who reported the Information.

However, the XRP community believes it just might be a typo and the actual numbers would be 3, which given the fact that RippleNet still has just above 200 customers, makes sense.

Previously, Ripple has been signing about 3 production contracts in Q1 of 2019 and that was a record quarter, according to Garlinghouse.

Garlinghouse shared the fact that Ripple has over $305 million in cash in the bank, which he said was equivalent to the company’s recent valuation.

“We don’t need to raise capital,” he said.

Meanwhile, Ripple’s digital asset XRP is in the red along with the rest of the crypto market. The third-largest cryptocurrency by market cap of $12.6 billion is trading at $0.02918 with 24 hours loss of 0.97%, as per Coincodex.

Garlinghouse further commented on SoftBank’s large investment into companies like Uber and WeWork, calling it “net negative” for the industry as this influx of capital has inflated company valuations.

Governance, boards of directors, and profitability matters, he said “There has to be a clear path.”

Ripple CEO Brad Garlinghouse Blasts Libra

Garlinghouse has yet again taken a shot at Facebook’s cryptocurrency project Libra. Had Libra led by another company, say PayPal, he believes it would have been met with less pushback.

“I think that the way they approached it demonstrated, frankly, [from] my point of view, arrogance in how they rolled it out,” Garlinghouse said at The Information’s annual subscriber summit, held in Menlo Park, Calif., on Thursday.

“I think Facebook did not appreciate the trust deficit they had.”

Libra has been the center of regulators’ scrutiny since the day it was first proposed. In the past weeks, seven of the Libra Association members, primarily payments companies, have pulled out of the project.

It could be “bad for all crypto” as the blowback to Libra, he said raises concerns for other cryptocurrencies as well that they may face greater scrutiny.

“Now I worry, am I going to get caught in the crossfire?” he said.

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