Ripple CTO David Schwartz responded to another wave of criticism of the fintech company, saying that it does not sell XRP in order to finance its own activities. According to him, most of the funds for the development of Ripple received from individual large investors..
CTO Ripple: We Do Not Raise Funding By Selling XRP
“Nobody buys XRP to give Ripple money to do business. We received venture funding and built the business regardless of it. We started selling XRP only after setting a market price for it and for insignificant amounts relative to our other funding sources, “he wrote..
Schwartz claims that people buy ICO tokens to invest in the companies that issue them. Ripple, on the other hand, could continue to develop its technology without selling XRP at the expense of one venture funding.
The Block analyst Larry Cermak says he is astonished by the $ 260 million Ripple has raised from XRP sales over the past four quarters, in addition to which the company recently received $ 200 million in venture funding..
According to Crunchbase, the company has raised over $ 293 million to date through several investment rounds. In 2016, she received $ 55 million from SBI Investments, and the year before that – $ 28 million from IDG Capital..
During next year Ripple intends to focus on conquering the Brazilian market, according to Reuters Brazil. To do this, she will work with local banks and regulators who may be interested in the possibility of improving the efficiency of payments..
Ripple entered the Brazilian market in this year and entered into partnerships with banks such as Santander, Bradesco and Rendimento. IN present time main payment solution for them is SWIFT, but Ripple intends to attract their advantages in reducing time and money.
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