Ripple founder: We are a profitable company and there is no solution in sight except by selling XRP cryptocurrencies
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Answer Ripple founder: We are a profitable company and there is no solution in sight except by selling XRP cryptocurrencies
Mr. Brad Garlinghouse, CEO of Ripple, indicated that sales of XRP tokens constitute a large part of the company’s profitability.
newspaper quoted “financial timesAccording to Garlinhaus, he said:
We will not be profitable or cash flow will be positive without selling XRP.
XRP is one source.
I don’t know how to answer that, because if you withdraw our software revenue, it will make us less profitable.
If we reduce all our XRP, it makes us less profitable.
So I don’t think it’s one thing.
Read:Judge rejects Ripple’s proposal to access trading history for SEC employees
In response to the report, crypto trader and analyst “Luke Martin” with a tweet Today, Ripple is staying alive by dumping XRP on the public.
Notably, Ripple’s total XRP sales fell by 80% in the fourth quarter of last year.
The sharp drop was due to a drop in institutional direct sales, as well as a halt in programmatic sales of Ripple.
Attracting clients with XRP cryptocurrencies?
Interestingly, Garlinghouse also revealed the incentives for companies to use Ripple solutions depending on “shape, size, type and priority.”
Ripple client MoneyGram revealed last week that it received $11.3 million from the blockchain payments company during the third and fourth quarters of 2019.
MoneyGram specified that this amount was paid in XRP, and the company also mentioned:
The company is compensated by XRP with XRP to develop and bring liquidity to the foreign exchange markets, facilitated by the ODL (Ripple On Demand Liquidity) system, providing a reliable level of currency trading activity.
We refer to this compensation as a development fee.
MoneyGram also indicated that it represents the XRP received as an intangible asset of indefinite life, measured based on the fair market value of XRP.
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MoneyGram added:
Any future liquidation of these intangible assets of indefinite duration will result in capital gains or losses and will be recorded at works, equipment and supplies in the consolidated statement of operations.
The company further said that it expects the Ripple partnership to help reduce working capital needs and generate additional profits and cash flow.
The Ripple agreement with MoneyGram is scheduled to expire on July 1, 2023.
Read also:
Ripple cryptocurrency processed $54 million in digital transactions to Mexico in one week
The crypto community is suggesting that Ripple burn some XRP coins to increase the value of the coin
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