XRP Record-Breaking Year: Ripple CEO Says They Signed 3 Production Contracts Per Week in Q1 2019
“It was a record Q1 for us,” said Ripple CEO Brad Garlinghouse about 2019 and is excited for this year as the company made a record high in terms of signing 3 production contracts per week.
In an interview with Dan Schuman, PayPal CEO, Garlinghouse shared the growth they have already seen in the first quarter of this year. He further emphasized that the contracts signed weren't just experiments rather production contracts so they more value and could be expected to go live in the near future.
“We have had more momentum in terms of customer sales. I think we signed about 3 production contracts, and these aren’t experiments but production contracts per week in Q1 of 2019.”
With 2018 already being a “huge year” for them, he further shared that it was a “record Q1” for Ripple and he is “super excited” for this year.
Layoffs & Flush Out Healthy For Nascent Market
We have seen how the crypto winter broke down the cryptocurrency related businesses as many offices shut down and layoffs took off at record speed as well. According to Garlinghouse, this is good for the market and its growth as once these actors are flushed out, the quality remains.
He explained how any time crypto enter trough we see people getting “flushed out” and layoffs in the crypto space, which he thinks is a “healthy part of a nascent market growing” as it has its benefits in the way that this market will force real utility and solving a real problem.
99% Cryptos Will Go Away
In response to so many tokens out there, Garlinghouse said in no uncertain terms that majority of them will fail and go away.
There are more than 2000 different tokens underlying blockchain in the crypto space and as per Ripple CEO,
“99% of them will go away.”
As for why he says a lot of them are created with either “unclear use case” or a use case that hasn’t proven out while further adding that
“you have already seen it to some degree as there's no liquidity.”
He further explains that liquidity is critical to success and Ripple has been “fortunate to built our technologies on XRP ledger and that's done well.”
XRP ETP & Ripple Joining SWIFT
Elsewhere, trading platform Nordic Growth Market (NGM) which is part of Börse Stuttgart Group, the second largest stock exchange in Germany has launched XRP-based Exchange Traded Products (ETP) that will allow the investors to gain access to XRP via a regulated exchange.
Meanwhile, Ripple has joined SWIFT, IBM and 100 other companies in a new blockchain association called International Association of Trusted Blockchain Applications (INATBA) to promote the adoption of blockchain technology across the European Union (EU).