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Brad Garlinghouse, the CEO of Ripple, declines any possibility of Ripple’s and XRP’s hostile takeover. The rumors can be officially considered refuted.
Rumors are surrounding Ripple and XRP since a dubious artical about the “hostile takover” has appeared on the Web. According to the article, a company called Valor is going to take over the top 10 crypto coins. Dan Primack is the author of the article, which was initially posted on axios.com and caused lots of panic and discussions. To sort everything out, he has been called out by the CTO and CEO of Ripple for his writing.
The article claims that Valor, headed by an unknown entrepreneur Vishal Harpalani, plans to take over XRP by creating a “fork” or “clone” of XRP by raising “tens of millions” of dollars to short XRP. When the Ripple token finally gets totally devalued, Valor is going to offer XRP owners to exchange their XRPs on Valor digital assets at the rate of 1:1. According to the article:
“Valor would then redistribute extra Valor to its community and incentivize holders to exchange even more of their now-devalued XRP. Basically, force a capital flight.”
As a reply to such a bold statement, Brad Garlinghouse, the CEO of Ripple, wrote in his Twitter:
“Dan Primack wants to sell snake oil, are there any buyers out there? It is the responsibility of the media to help the crypto industry understand what’s substance, or not instead of propagating blatant attempts at carrying out market manipulation. I wonder when the media coverage of the sector will be mature enough.”
He also mentioned that such a takeover is ridiculous, as it is technically impossible, as well as economically senseless:
“This is ridiculous. A hostile takeover of XRP Ledger isn’t technically feasible neither does the plan make economic sense. It’s not possible to do a “hostile” takeover of XRP Ledger because unlike bitcoin where whoever controls majority mining or Proof of Stake where whoever owns majority coins, CONTROL the network, in XRP you have to individually CONVINCE majority users to switch. There’s choice.”
Valor was initially found 13 months ago by Vishal Harpalani, who had previously worked with Ripple investor Flight Ventures during a three year period. According to the company’s background information, Valor plans to partner with mobile carriers and wallets that conduct business with the underbanked, helping Valor to achieve network effects, as well as to reduce the costs of switching from fiat to crypto.
Ripple, despite all the rumors, continues to gain popularity among the financial institutions all over the globe starting one successful collaboration after another. This month, it has already partnered with Australian FlashFX and London-based Euro Exim. Both financial institutions are seeking to integrate the XRP-powered xRapid technology. The XRP token itself continues to be the world’s second cryptocurrency after Bitcoin.
To learn more about XRP coin, Ripple company and their innovative solutions, please check out our awesome guide.