Ripple CTO Bullish on Bitcoin But Has Been Selling His Stash for Years

David Schwartz, chief technology officer at Ripple, recently shared that he is still bullish on bitcoin but is currently selling his BTC stash.

On being asked by Adam Back, co-founder and chief executive officer of the blockchain technology company, Blockstream, “aren’t you pro-BTC and converting XRP into Bitcoin?” Schwartz shared,

“Nope. I’ve been slowly selling bitcoin for the past several years.”

And the reason behind selling bitcoin is the risk. “I’m still bullish on bitcoin, it’s just the level of risk that has me selling,” he said.

This snippet is from the discussion about who is the pseudo-anonymous bitcoin creator Satoshi Nakamoto.

Stop Searching for Satoshi; We are all Satoshi

A Twitter user declared Adam Back as Satoshi Nakamoto to which the cryptographer replied with a simple “not me.”

Some also see Hal Finney, a cypherpunk and early Bitcoin contributor and Nick Szabo, a cryptographer who designed BitGold, as the pseudo-anonymous creator. Both are among the top runners for being Satoshi.

“FWIW they both said it wasn’t them also. We’ll never know – many cypherpunks had no social media footprint, and anon posts. Probably a digital ghost, who burned the nym to be safe,” said Back about Finney and Szabo being Nakamoto.

“Bitcoin is better as a decentralized digital commodity without a founder. We are all Satoshi,” he added.

This is where software engineer and Director at Ripple, Nik Bougalis, came who agreed with Back about Bitcoin being better without a founder.

“Abandoning the Satoshi Nakamoto persona and leaving Bitcoin to the world was a brilliant move,” he said.

A Ripple enthusiast also feels Ripple CTO Schwartz could be Satoshi Nakamoto. Still, Bougalis dismissed this, stating Schwartz has publicly denied it and that “his code & writing style simply don’t match Satoshi’s.”

And, “unfortunately” for Schwartz, he “didn’t find out about bitcoin until 2011.”

Schwartz chimed in to say that he thinks it’s plausible that instead of just an individual, Satoshi was a small group of people.

And that’s where Schwartz shared that he doesn’t have millions of Bitcoins, but he hasn’t lost the keys to his BTC holdings either, which he has been slowly selling for the past some years now.

“Bullish on X but Selling the X? Charlie is that you?,” a user commented on this statement.

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Author: AnTy

Ripple And SBI Holdings to Launch ODL Service For RippleNet Using XRP in Asia in 2020

The joint venture of Ripple Asia and SBI Holdings, also known as SBI Ripple Asia, has announced its plans of launching On-demand Lqiuiduty (ODL) solutions using XRP in Asia this year.

Ripple has made a name for itself because of its cross-border remittance solutions, also known as RippleNet. The firm has seen many takers for its technology, which uses XRP for liquidity on the ledger to facilitate instant cross-border transactions at a minimal cost.

The ODL solutions have been quite a hit, and given Asia is emerging as one of the fastest-growing crypto hubs, the joint venture between Ripple and SBI holdings wants to push for its adoption further.

The announcement was made by the CEO SBI Ripple Asia, Adam Traidman, during an interview on June 18, where he talked about the popularity of Ripple in Asia and how expanding ODL services would be the right move as it offers much cheaper cross-border remittance services. He said;

“I expect that probably later this year, and into next year, things are going to move into wider spread production.

I expect remittance companies that were restricted in growth because they have pre-funding requirements, they have a lot of capital—they’re going to have a lot more flexibility.”

Traidman also believes that introduction of ODL would eliminate currency fluctuations and the pre-funding requirement for making cross-border transactions. He explained ODL services wouldn’t gain the same adoption and popularity in the United States as it is increasing in Asia and Japan.

The reason for this is the US offers low-cost cross-border remittance service, so the people over there don’t need a system like ODL, while in Japan, its not only costly to send money across the border, but it also takes around a whole day. Traidman said,

“ODL can be used to convert the Japanese yen to XRP in real-time in Japan, and a family in Vietnam can immediately exchange the XRP for Vietnamese dong.

In this way, the price movements of the Japanese yen and the Vietnamese dong are almost unaffected.”

Ripple’s On-Demand-Liquidity(ODL) has seen a massive jump in use and volume, which is evident from the fact that the bulk of transactions has tripled over the first quarter of 2020, while the US Dollar transactions have risen by 294%.

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Author: James W

Open- Source Toast Wallet Shuts Down, Calls Out Ripple for ‘Abysmal Treatment’ of Developers

  • XRP developers of the Toast Wallet are calling it quits citing ‘abysmal treatment by Ripple” as the reason for leaving the project.
  • Launched in early 2017, the closure of Toast Wallet is heavily linked with the investment arm or Ripple, Xpring, looking over the wallet in its funding over the years.

The short tweet on its official page, Toast Wallet, XRP wallet that allows users to buy, sell and safely store their digital assets, will be shutting down due to the “abysmal treatment of community developers.”

As of June 22, 2020, the Toast App will no longer be available on mobile application stores denying access to additional users. The tweet reads:

The existing users’ wallets will be functional for a short time as users withdraw their assets to other wallets. The company has also given assurances to the safety of user assets.

“Existing Toast installs will continue to work, and funds are safe. We await a clear and transparent community developer support program from Xpring.”

The mention of Xpring in Toast’s tweet raises suspicion on whether the Ripple owned investment company had something to do with the wallet’s collapse. XRP Arcade, a crypto news publication, cites unnamed sources that claim the Xpring development fund did not extend to Toast, which led to its failure.

The remaining action is for users to send their XRP assets to other wallets quickly.

Send Users Xumm’s way

Toast Wallet has requested that users start migrating their assets to different XRP compatible wallets before the wallet is completely shut down.

Despite the dark cloud hovering above Toast Wallet’s open source project, Wietse Wind, one of XRP’s leading developers, took this opportunity to grab some of the users to choose his Xumm crypto wallet. After passing his graces, Wind wrote:

“I’d like to share the procedure to migrate from Toast to XUMM. I don’t want to come across as a vulture: I’m sorry to gain XUMM users this way.”

The open-source code will remain on the Toast Wallet GitHub page.

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Author: Lujan Odera

Ripple Emerges In the 28th Spot on CNBC’s 2020 Top 50 Disruptive Companies

CNBC has announced its 8th annual Disruptor top 50 list and the blockchain payments provider – Ripple – has been ranked 28th in the list released on Tuesday.

CNBC stated that the list is meant to identify as well as recognize private enterprises whose solutions and innovations are influencing competition among businesses as well as in the market at a higher rate. CNBC stated:

“The startups [that made] the 2020 Disruptor list are at the epicenter of a world-changing in previously unimaginable ways, turning ideas in cybersecurity, education, health IT, logistics/delivery, fintech, and agriculture into a new wave of billion-dollar businesses.”

Apart from Ripple, renowned crypto-friendly app Robinhood also landed at number 46.

The process involved about 1,355 companies that were considered eligible for nomination back in April. The list was then reduced to 180 startups. CNBC then decided to add an extra evaluation step where firms were required to explain how the COVID-19 pandemic had affected their overall business.

The announcement explained that the majority of those that ended on the list had positive outcomes ranging from increased products, new hires, recent product launches as well as product pivots to aid in dealing with the challenges occasioned by the virus.

Ripple has been on an expansion mission starting from January when the coronavirus crisis began by adding an extra 50 partners from across the globe, with its total number of partners now being 350. The firm is currently working on a payment corridor in Brazil.

Despite the positive news, it seems that the ranking of Ripple on CNBC’s list had little impact on the value of its token, XRP. At the time of publication, XRP’s value had risen by merely 1.81% and was trading at $0.195.

The CNBC announcement also noted that most of the listed companies have already entered the coveted billion-dollar business class. Thirty-six of the businesses are already ‘unicorns,’ meaning that their valuation has reached $1 billion. The 50 companies have so far raised more than $74 billion in venture capital and are cumulatively valued at approximately $277 billion.

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Author: Joseph Kibe

Ripple Inc. Moves To Court To Dismiss Fraud Claims Against Its CEO, Brad Garlinghouse

  • Ripple Inc. moves to court asking for a dismissal on the three accounts of fraud in an ongoing case against Brad Garlinghouse, the company’s CEO.
  • The lawsuit against Mr. Garlinghouse claims the executive sold millions of dollars’ worth of XRP when the market was booming in 2017 by misleading customers he was “very long” on the digital asset.

A “court motion to dismiss,” filed by Ripple Inc. to the United States District Court in Northern California on June 8, aims to dismiss the charges faced by the CEO, Brad Garlinghouse.

The motion aims at removing three accounts of fraud by the plaintiff, Bradley Sostack, which did not show how Garlinghouse was purportedly fraudulent in selling his XRP.

The lawsuit is built around the interview that Garlinghouse made on XRP back in December 2017, claiming he was “very very long [on] XRP” regarding questions on his view on the investment asset. Furthermore, an amended complaint alleges that Garlinghouse sold a vast portion of his XRP coins shortly after receiving them from Ripple despite being “long.”

Finally, the lawsuit also claims that XRP is a security and raised questions on Ripple’s selling point of XRP as a utility token.

Ripple Dismisses the Lawsuit: “Must be Disregarded”

While the plaintiffs are claiming the Ripple CEO sold close to $58 million in Ripple shortly after saying he was long, the defendant’s lawyers claim the misrepresentation does not amount to fraud. The plaintiff is yet to prove this according to the Federal Rule of Civil Procedure 9 (b) which states that they must “state with particularity the circumstances constituting fraud.”

According to the defendant’s lawyers, plaintiffs are yet to establish the fraud in Garlinghouse selling off part of his investments. The motion filed with the district court further elaborates that the mere act of selling a portion of his XRP assets, Garlinghouse did not stop being long on the asset.

It reads:

“Selling a portion of one’s XRP holdings does not mean that the seller cannot also be ‘very, very long’ in the same asset as a percentage of his or her own personal balance sheet.”

The defendants are asking the court to disregard the three fraud claims brought against the Ripple CEO. This will see the pursuit of fraud claims against Garlinghouse’s $58 million XRP sale in 2017 be dropped completely.

“Defendants thus respectfully request that the Court dismiss Plaintiff’s fraud claims with prejudice.”

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Author: Lujan Odera

Ripple Execs Meet With Central Bank Of Brazil Officials in ‘Closed to the Press’ Meeting

Ripple Inc.’s, Brad Garlinghouse held a ‘closed to the press’ meeting with Brazil’s Central Bank officials on May 30th to discuss “institutional matters” in the South American country. Top officials from both Ripple and the Central Bank of Brazil held the meeting at 1700 hrs to 1800 hrs. What could be the motive behind the closed-door meeting?

Ripple Executives meet with the Central Bank of Brazil Officials

According to the Agenda of Authorities of Banco Central do Brasil website, the schedule of Roberto Campos Neto, the central bank’s president, showed he met online with Ripple executives on Saturday evening last week. While major details on the meeting remain unrevealed to the media, the agenda only hinted at “institutional matters”.

Three Ripple executives and board members accompanied CEO at Ripple Inc., Garlinghouse – Ben Lawsky, Member of the Board of Directors of Ripple, Eric van Miltemburg, Senior Vice President, Global Operations, Ripple, Luiz Antonio Sacco, Vice President of Global Operations and General Director for Latin America at Ripple.

Brazil’s central bank was led by Roberto joined by João Manoel Pinho de Mello, the Financial System Organization and Resolution Director, and Otavio Ribeiro Damaso, Regulation Director.

Both, Ripple and the Central bank of Brazil officials have remained silent on the conference discussions. Could the bank be looking at a possible central bank digital currency (CBDC) or settlement platform?

Brazil’s QR based instantaneous payment system

The most sensible explanation for the meeting may be to discuss the QR-based payment system that the central bank is developing. PIX, the non-crypto payment platform will offer P2P ad B2B payment solutions within the country aiming to reduce the transaction costs and speed of transactions.

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Author: Lujan Odera

Ripple Gains Praise From US Consumer Financial Protection Bureau For Remittance Service

Ripple and XRP’s remittance potential in cross-border transfers has been recognized by the US Consumer Financial Protection Bureau (CFPB).

According to a CFPB paper from May 11, the bureau responsible for providing the financial sector’s US consumers has been researching the remittance market’s new trends. Furthermore, it has been focusing on the continued expansion and growth of partnerships developed by digital asset companies such as Ripple.

XRP for Settling Cross-Border Transfers

In the same paper, the CFPB mentioned that XRP could be used for cross-border transfers. Also, Ripple’s products can give credit unions and banks exact information on how much remittance transfers’ recipients are going to receive before they’re even being sent anything.

The platform for global payments innovation (GPI) from SWIFT was mentioned in the paper too. This platform’s purpose is to speed up remittance by using the infrastructure banks from all over the world prefer to use.

SWIFT said it was considering using blockchain rails for its GPI solution ever since 2019, yet no update on this matter has been provided yet.

Ripple Pushes for XRP Adoption

In spite of showing support for Ripple, the CFPB doesn’t seem too enthusiastic about crypto company’s push for widespread adoption of the XRP. It concluded that any new solutions would most likely not eliminate the reliance on their correspondent banking network, as this what the market players’ feedback and the agency’s estimations have revealed.

Despite this, Ripple doesn’t give up, aiming at the financial mainstream. Only last month, it had Japan-based financial giant SBI Holdings, which it’s its investor and partner, announcing that Ripple-powered settlements are going to be integrated with ATMs all over Japan. According to market researcher Fundstrat, XRP was the weakest performing crypto asset since the beginning of 2020 until May.

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Author: Oana Ularu

Ripple Becomes First Distributed Ledger Technology Focused Company to Join ISO 20022

Ripple has officially become the first Distributed Ledger Technology (DLT) to become a member of the ISO 20022 standards body. Ripple has put a particular focus on interoperability between financial institutions is going smoothly.

This new membership will allow Ripple to drive a new standard for data messaging and payments between financial institutions from all over the world. The ISO 20022 global group includes a few central and commercial banks, together with payment processing entities like Visa and SWIFT.

ISO 20022’s International Standards

What ISO 20022 suggests is that there’s a standardized approach when it comes to the process, methodology and repository of enabling interoperability and communication between financial institutions.

Its long-term purpose is to converge into one standard in which all the other legacy standards are sharing information and co-exist.

ISO 20022 takes data points from groups and individual institutions’ models to turn them into a standard format all systems can share. ISO 20022 has already been adopted by 70 countries. It’s estimated to support 87% of all international financial transactions by 2023.

Ripple Customers Have a Say on International Payments

With Ripple now the latest member of the ISO 20022, this indicates that crypto and DLT are being favored and slowly replacing traditional payments. Ripple customers will get to have a say on international payments.

Counterparty connections will be simplified and taking place at lower costs. Ripple is seriously developing on its own as a company, not to mention it lately closed a few other interesting partnerships.

For example, it established a strong presence in Thailand after starting to collaborate with the local fintech DeeMoney. DeeMoney is going to use RippleNet in order to process the payments made between the country’s borders more rapidly and efficiently.

Also, the Europe-based online remittance services firm Azimo closed partnered up with Ripple, in an attempt to leverage the Ripple On-Demand Liquidity (ODL) service for remittance payments in the Philippines. It tries to expand the same service to other countries too.

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Author: Oana Ularu

Ripple Reports Zero XRP Sales in 1Q 2020 Through Exchanges, OTC Sales Dropped by 86%

For the second time in a row, Ripple didn’t sell any XRP through exchanges. As per the Q1 2020 report released by Ripple, the company’s XRP sales declined by 86.6% which involved only the institutional direct sales that are done over-the-counter (OTC) to strategic partners.

Total XRP sales were $1.75 million compared to $13.08 million in the previous quarter to focus solely on its OTC sales to “build XRP utility and liquidity in strategic regions including EMEA and Asia.”

ripple-xrp-Sales-Summary
Source: Ripple’s Q1 2020 XRP Markets Report

Total sales as a percentage of total volume had a 99.3% drop QoQ from 8bps to 0.6 bps.

The reported daily volume for XRP increased in Q1 2020 from 4Q19, from $187.34 million to $322.66 million, it was even higher than 3Q19’s $198.10 average daily volume.

Volatility also increased from 3.1% to 6.2% which was higher than BTC’s 5.8% but lower than ETH’s 7.3%.

This past quarter Ripple released 3 billion XRP but used only 300 million and the rest were moved to a new escrow account as usual.

The most success reportedly was seen in Ripple’s On-Demand Liquidity (ODL) where the dollar value transacted increased by more than 294%.

Interestingly, Ripple signed on another partner, a UK-based digital transfer services Azimo to use the digital asset XRP for cross-border payments. Azimo is using ODL to send payments to the Philippines that helped the company save 30% to 50%.

“XRP the preferred digital asset for funds transfer”

The world’s fourth-largest cryptocurrency by market cap, as per Messari is currently trading at $0.224, up from $0.134, the level it dropped to during the March sell-off. This growth was mainly this month as the digital asset jumped nearly 30% in April.

In its Q1 2020 report, Ripple also pointed out how digital assets are seen as safe-haven assets during market turmoil in the financial markets.

But while the Bitcoin and Ethereum networks became overwhelmed during the Black Thursday as investors rushed to transfer digital assets to either sell out their positions, meet margin calls, or take advantage of price disruption, the XRP Ledger (XRPL) “remained stable” in terms of transactions pricing and speed, “making XRP the preferred digital asset for funds transfer.”

In the light of continued uncertainty about the long-term economic extent of this crisis and recession, Ripple expects the market volatility to continue. Also, cryptos will have a “sustained test” regarding whether they perform as a safe haven asset class.

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Author: AnTy

Ripple Taking Legal Action Against YouTube for Aiding & Profiting from XRP-Giveaway Scams

US-based fintech startup Ripple is taking legal action against YouTube “to prompt an industry wide-behavior change and set the expectation of accountability.” As per the company’s announcement on Tuesday, Ripple is taking a step

“to protect customers around the world from dangerous online giveaway scams and false impersonations across YouTube, Twitter, and Facebook.”

Plaintiff Ripple and its CEO Brad Garlinghouse allege that both are suffering “irreparable” harm to their public image, brand, and reputation because of the Google subsidiary’s “deliberate and inexplicable failure to address a pervasive and injurious fraud occurring on its platform.”

Scams like “the XRP1 Giveaway” is a third party attack on XRP holders that are thriving because of YouTube’s “complacency and unwillingness to take seriously Ripple’s repeated demands for action.”

They further elaborated that these scams have been going on for a long time and being replicated many times and in one such instance resulting in the theft of $15,000 worth of XRP.

As per the 22-page long complaint, the scam is misappropriating the company and Garlinghouse’s image further leading to “profound uncertainty and confusion into the broader digital asset market.”

Despite repeatedly demanding that YouTube take action, the online video sharing platform has reacted inadequately but they “must do better” with the company touting its robust tools for self-regulating content.

“YouTube’s inaction undermines its public commitments,” reads the document adding that with its community Guidelines barring precisely the sort of content at issue in this case, they have ignored Ripple’s repeated demands for action.

In doing so, they aren’t only validating the scam as legitimate but profiting from them by aiding and abetting the scammers.

The company is now asking for restraining Defendant YouTube from refusing to apply its content regulation, ignoring and delaying its response to takedown notices, profiting from scams, verifying accounts perpetuating the scam, and awarding fraudulent channels verification badges.

Ripple and Garlinghouse are also seeking damages, reasonable costs including attorneys’ fees, pre- and post-judgment interest, and recovery in restitution equal to any unjust enrichment enjoyed by the Defendant.

Ripple has also hired external cybersecurity and digital threat intelligence vendor to help them with reporting and takedown of these giveaway scams.

Our Team here at BitcoinExchangeGuide have tried to do our part in warning investors, traders, and onlookers to be wary of these types of scams. Here are just a few of the posts we covered on the subject:

And you can bet there are many more that are being reported every day and plenty that are still duping investors that don’t take proper precautions.

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Author: AnTy