RippleNet has a total of 220 Customers, Reveals Ripple’s General Counsel, Community Disappointed

For a long time now, Ripple has put it out that the company has secured 200 plus customers, sometime around at the beginning of this month.

Now, Stuart Alderoty, the General Counsel at Ripple revealed that the actual tally is now 220.

“We have about 220 customers right now throughout the world and that is fast growing,”

he said.

However, XRP community is not happy with this news as this figure states Ripple added 1 new customer every (nearly) 13 days on average since the company announced “RippleNet Surpasses 200 Customers Worldwide” in early January.

And this the enthusiasts says doesn’t add up to their initial claim of 2-3 products contracts a week. Moreover, with Libra’s announcement in June, giving a boost to the company.

In April, Ripple CEO Brad Garlinghouse shared in an interview that the company has “signed about 3 production contracts” per week in Q1 of 2019.

Going by Garlinghouse’s statement, people were expecting the numbers to be closer to 300.

However, some are still hopeful and expects Ripple to announce a big figure at the upcoming SWELL event.

Also, 220 could be the customers that are actually using Ripple products, having signed contracts, done pilot testing, performed due diligence, and completed legal compliance, shares another enthusiast.

UK Defines XRP as a Hybrid Token

In another of the Alderoty’s interview clip shared by Steven Diep, a Ripple enthusiast on twitter, he stated how the UK has defined XRP as a hybrid token — a utility and exchange token — and not a security.

The UK put tokens into three categories viz. utility, exchange, and security.

Security tokens mean, it gives you a right to title to invest in the company and those tokens are supervised as security.

If not security then a token is either a utility, exchange, or a hybrid, that XRP is.

SEC specifically says there should be no secondary trading in the tokens, which is the indicator of speculation but not necessarily an indicator of investment, Alderoty explains.

Meanwhile, FCA argued that people speculate in wine, cars, real estate, and fiat currency and as such it doesn’t equate with investment.

Though not as welcoming as Switzerland, UK, he said recognizes that they are dealing with innovation and creativity and

“regulation should not be the enemy of innovation.”

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