Ripple Has $305 Million In Bank And Makes 30 Deals Per Week: Garlinghouse

Garlinghouse made interesting statements currently saying Ripple has $305 million in cash in banks and makes up to 30 deals per week and even gave his opinion on Facebook’s crypto project Libra. More of what he said, we find out in the XRP news today.

The CEO of Ripple, the California-based blockchain startup that focuses on payment technologies Brad Garlingouse, explained what Ripple has currently and what it has to do with the future of the company. At the annual subscriber summit held by the Information in California, the CEO explained his stance and the interview resulted in an article where we can read the three particular statements he made.  According to him, Ripple has $305 million in cash in the bank which is equivalent to the most recent valuation. He added that Ripple does not need to raise capital and explained that profitability matters the most. Besides that, Garlinghouse said that the company owns about $15 billion worth of its native token XRP.

The CEO said once that Ripple is the biggest owner in the XRP community but has no access to controlling the price. However, he did confirm that the company is selling XRP to some of their institutional clients at a discount. Regarding his second statement, thirty deals a week means that Ripple makes more than 1,500 deals a year. This is one of the weirdest statements and Ripple has still provided no answer. Garlinghouse stated that the startup is in talks over multiple potential investments and estimated that some 100 contracts will be signed this year.

With the ongoing issues around Facebook, Garlingouse finds that other companies that work with the crypto project may end up battling bigger regulatory scrutiny. He finds that the regulators are very tough on Libra because it is coming from a major social media giant. If PayPal made the announcement first for launching a project like Libra, the reaction would have been milder:

 “I think that the way they approached it demonstrated, frankly, [from] my point of view, arrogance in how they rolled it out. I think Facebook did not appreciate the trust deficit they had.”