XRP Can Handle A $50million Transaction in Just 2 Seconds

Published 5 years ago on October 23, 2018

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 isnâ€™t 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 â€˜fantasticâ€™ 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 wouldnâ€™t be possible with any popular currency in circulation today, either fiat currency or crypto. He went on to say:

â€œThereâ€™s 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. Weâ€™re not paying wire fees.â€

Arrington also said that a lot of the critics digging into Ripple and its token XRP arenâ€™t fair by adding:

â€œThe tribalism in this industry is insane â€¦ So, there is Bitcoin (BTC) maximalists â€¦ but everybody â€˜agreesâ€™ as XRP sucks, and I donâ€™t really get it â€¦ I mean, they [Ripple Labs Inc] are a legitimate company. They donâ€™t pretend to be something theyâ€™re not, and theyâ€™re 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 isnâ€™t motivated by any business or personal matter although he admitted they do invest in XRP but mainly invest in other things too.

Robert Johnson

Robert first came across Bitcoin in 2016 during a meetup in Belgium, and has been hooked ever since. With a background in Economics, you can find Robert frequently looking at the Twitter feed of the SEC for any regulatory updates relating to Bitcoin and Crypto in general.