The senior executive of the blockchain payment network Ripple has publicly defended the company against fresh criticism of its related cryptocurrency, XRP. David Schwartz, chief technology officer of Ripple, dismissed a suggestion that XRP was planned as a revenue stream for the company in an ongoing debate on Twitter.
Schwartz: XRP does not make Ripple richer
The argument followed further tweets from sources including ex-Bitcoin Core developer Peter Todd, who had been told by Ripple partners that they were not willing to use XRP. No one buys XRP to give Ripple money to do things, Schwartz argued.
In recent weeks, XRP investors have felt the pinch as the token dropped against the U.S. dollar to more than two-year lows. Currently trading at about $0.19, XRP / USD is now nearly 95% down from its $3.40 all-time high.
The image for bagholders is complicated by Ripple’s strange relationship with XRP. Recent spats have seen Schwartz and others attempt to separate the firm from claims it has produced and regulated XRP, despite selling massive slices of tokens over the recent two years. Such sell-offs have only increased in size over time, as stated.
Now, however, Schwartz seemed to differentiate Ripple from XRP even further with its sell-offs, claiming that they were VC / angel-funded and were going to build regardless. They started selling XRP only after there was a market price relative to our other funding and for negligible amounts.
After prominent Bitcoin trader Tone Vays publicly implied that XRP was illegally launched safe, the schism seemed to escalate. Days earlier, Ripple announced on Dec. 20 that it had raised a funding round of $200 million from the Series C. This led him to characterize 2019 in official literature as his “strongest year,” given the conversely dire fortunes of XRP.
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