Ripple Slashes XRP Sales To Institutions And Exchanges In Q3
Ripple has been in the spotlight a lot during the past few weeks, especially after the company started rebranding its products.
For instance, as you may already know by now, the company rebranded xRapid, which is currently known as On-Demand Liquidity.
Digital assets and mainstream adoption
Other than that, Ripple has been making huge efforts to boost the XRP ecosystem and to trigger a stronger adoption for digital assets.
On the other hand, speaking of crypto mainstream adoption, we just reported earlier today that Ripple CEO said that he doesn’t think digital assets such as BTC and XRP will be used by the consumers anytime soon.
In other words, he doesn’t think that mass adoption will take place.
In a new interview at The Economic Club of New York, Brad Garlinghouse says he thinks the primary initial use case for crypto assets will be in the world of enterprise cross-border payments.
Ripple slashes sales in Q3
It’s been reported that Ripple reduced the amount of XRP that it sold in Q3 2019.
In the last Q3 XRP Markets Report, Ripple said that it sold $66.24 million compared to $251.51 million in the second quarter.
Ripple made sure to sell portions of its XRP holdings to institutions and crypto exchanges as well. You can check out Ripple’s Q3 statistics compared to the ones in Q2.
On a monthly basis, Ripple releases 1 million XRP from escrow, sells a portion of the crypto, and the rest that remains is returned back into a new escrow account.
Anyway, we recommend that you take a look at the complete report released by Ripple.
Other than this, Ripple has been boosting the expansion of XRP use, and the latest move that the company made involves Asheesh Birla.
He is a Senior Vice President of Product at Ripple will join Bitso’s board of directors and will also support the exchange as it expands into some new regions, including Argentina and Brazil.
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.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.