XRP Can Handle A $50million Transaction in Just 2 Seconds
Put simply, Ripple and XRP both have a huge impact on the global payment industry as a whole. A similar message was said by the founder of TechCrunch, Michael Arrington who recently said that it is possible to shift $50 million worth of XRP is only two seconds at the price of just 30 cents.
Arrington believes that XRP is not only fast but cost-effective too. This isnât the first time that the founder of the digital assets management firm has expressed his glowing opinions on Ripple. In August this year, he spoke to a news outlet in South Korea and said that XRP is a strong contender for a base currency for hedge funds due to its efficient, cheap and âfantasticâ nature.
He also repeated his views on the rich potential that XRP has in a recent interview on the sidelines of the Beyond Blocks Summit 2018 in South Korea.
Arrington noted a recent use case of XRP at his own hedge firm where Arrington XRP Capital transferred $50 million worth of XRP in just two seconds. In addition, he said this wouldnât be possible with any popular currency in circulation today, either fiat currency or crypto.
He went on to say:
âThereâs just no [other] way to do it that fast and that cheaply. So, it serves a really useful need for us. Also, When our LPs have redeemed â¦ hopefully never â¦ but when they want some of the money back, we [can] just send it in XRP again. And, there is no three-day wait for international wires or one-day wait for US wires. Weâre not paying wire fees.â
Arrington also said that a lot of the critics digging into Ripple and its token XRP arenât fair by adding:
âThe tribalism in this industry is insane â¦ So, there is Bitcoin (BTC) maximalists â¦ but everybody âagreesâ as XRP sucks, and I donât really get it â¦ I mean, they [Ripple Labs Inc] are a legitimate company. They donât pretend to be something theyâre not, and theyâre really good at one thing: Moving money fast and cheap.â
As reported by Blokt, the founder of TechCrunch also clarified that his support for XRP isnât motivated by any business or personal matter although he admitted they do invest in XRP but mainly invest in other things too.