Microsoft, BitGo, And Bitso Are Powering XRP Ledger, Ripple Reveals
Ripple was recently in the spotlight when CEO Brad Garlinghouse compared XRP’s speed to BTC.
He also admitted that the company has an interest in the success of the digital asset since Ripple owns more than half of the total supply of XRP.
“XRP is extremely efficient from a technical point of view in terms of speed, in terms of scalability, in terms of cost. I’m a Bitcoin holder, but it’s not gonna solve a payments problem when the transaction time and transaction cost is almost 1000x what it is for XRP,” Garlinghouse said.
Ripple reveals the companies that are powering the XRP network
Ripple had updated key stats on the amount of XRP that it holds and also addressed which firms are helping to power the network.
From 9th February 2020, the company said that it has 49,700,000,013 XRP worth about $13.8 billion left in its escrow accounts.
According to the info revealed by the online publication the Daily Hodl, the firm placed 55,000,000,000 XRP in escrow back in late 2017.
Ripple said the escrow process had been created in order to give investors a way to track the company’s XRP holdings.
“Since 2012, Ripple has methodically sold XRP and used it to incentivize market maker activity to increase XRP liquidity and strengthen the overall health of XRP markets… By securing the lion’s share of XRP, people can mathematically verify the maximum supply of XRP that can enter the market.”
Microsoft is the most high-profile XRP Ledger validator
Ripple also made sure to highlight the fact that Microsoft is the most high-profile XRP Ledger validator processing transactions on the network.
Also, it’s worth noting that BitGo and Bitso are two of the newest enterprises contributing to the network.
The online publication mentioned above noted that CGI, Berkeley Haas, Telindus, University of Tokyo, GateHub, WorldLink, Bahnhof, and Flagship are also running validators.
Ripple’s main goal for 2020 is reportedly to boost XRP mass adoption.
Garlinghouse is both the CEO and Chairman of Ripple Labs. This year, Ripple surpassed 300 partners, including over 115 banks worldwide. Having launched On-Demand Liquidity (ODL) for cross-border payments, Ripple now has more than 20 partners using XRP for ODL, including Moneygram, Western Union, and American Express.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.