Ripple Signs 28 New XRP Production Contracts for Crypto-Powered Remittances, Says CEO

UTC by Christopher Hamman · 3 min read
Ripple Signs 28 New XRP Production Contracts for Crypto-Powered Remittances, Says CEO
Photo: Depositphotos

Brad Garlinghouse shared his views on the role of crypto and XRP in particular under the current circumstances during Ripple’s “all-hands” virtual meeting on YouTube.

28 new XRP-powered production contracts have been signed at Ripple Labs. CEO Brad Garlinghouse indicated this at Ripple Virtual “all-hands” meeting. His remarks which were streamed live on YouTube provided a lot of insight into the goings-on at the DLT company.

At the time of filing this report, XRP price was $0.20 (-1.58%).

Brad didn’t only speak about the in-house happenings. He also spoke about the “Macro-economic” outlook in the U.S. and beyond. He referred to the Global Financial Crisis (GFC) and spoke about the 15,000,000 unemployment filings over 18 months at the time. He said:

“We have been in this pandemic experience and there has been 30 million in Six to Eight Weeks”.

Inflation Is Coming

It is against this backdrop that Brad spoke about the inflationary effects down the line that will occur. He also stated that cryptocurrencies will play roles very much like digital gold.

Garlinghouse pointed to data that suggest that people look for “safe-haven” assets in times of inflation. he touted the advantages of XRP over Bitcoin (BTC). In terms of energy cost, transaction cost, and settlement time. Moreover, Brad revealed his expectations for 2020 and how these expectations will change for the rest of the year. He said

“We saw about an 85% increase in volume across Ripplenet between Q4 and Q1 despite ending March with a slowdown in growth. Specific to our On-Demand Liquidity, there’s a 190% increase from Q4 to Q1. We saw some of our big customers, a player in Thailand, go live. That’s driving a lot of volume. We [had] forecast 20 new contracts, and we ended up signing 28 new production contracts in the quarter. So despite the dynamics of the pandemic, we were able to finish the quarter on a strong note.”

This comes as more players are taking a keen interest in the crypto space. The coming years will bring certain high levels of inflation due to the stimulus spending that is currently ongoing.

Cryptocurrencies are also going to play a critical role in the world economy. Institutional investors will now turn to cryptocurrencies as a counterbalance to fiat currencies.

XRP-Powered Production Contracts Could be Part of New Economy

XRP may play a greater role in both the crypto space and the financial space as we go along. One thing that the token has going for itself is its almost zero energy consumption. Brad indicated that ” XRP is the greenest of all the digital assets”.

As energy costs rise this will also a prevailing factor. Another issue of note was the majority of the Bitcoin miners in China. While it doesn’t pose a threat it is of significant concern to anyone who is paying close attention to the crypto industry.

As the COVID-19 pandemic continues we shall see the further progress of XRP and other tokens. This may be the foundation of the future.

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Christopher Hamman

Christopher Haruna Hamman is a Freelance content developer, Crypto-Enthusiast and tech-savvy individual. He is also a Superstar Content Developer, Strategy Demigod, and Standup Guy.

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