Brad Garlinghouse – Ripple is Willing to Burn 50,000,000,000 XRP Holdings
Brad Garlinghouse, CEO of Ripple, has stated that his firm welcomes fresh plans with respect to their gargantuan XRP holdings.
In the latest interview, Tony Edward, host of Thinking Crypto, has queried Garlinghouse whether Ripple is willing to consider the burning or disbursement of their XRP escrow holdings.
Garlinghouse did not brush away the ideas and stated that the firm has no intention to sell off its XRP holdings in the open market.
“Some people like to position the escrow [as] Ripple somehow dumping XRP on the community. It makes no sense for Ripple or any of the people around Ripple to dump XRP. That’s not in the best interest of the XRP ecosystem, of which Ripple’s a very important piece, as am I. I think the way the escrow was set up, it was done with the intent of, ‘Let’s provide maximum transparency, let’s make sure that people totally understand what’s happening here,’ and I’ve used it as a call to action for others in the crypto industry to be equally transparent. And in some ways I think that transparency has come back to bite us a little bit, ironically and frustratingly. Look, I’m always open and interested in new ideas that are good for the XRP ecosystem. I don’t rule anything out, and I think to the extent that there are things that make sense for the XRP ecosystem, then certainly Ripple would look at that.”
Ripple holds over 50% of the aggregate supply of XRP. In December 2017, the San Francisco firm guaranteed not to liquidate its entire tokens holdings in a single shot, freezing 55 billion XRP into a plethora of cryptographically guarded escrow accounts.
Ripple then established a program to roll out one billion XRP every month, liquidate a portion to finance its operations and acquire stake in startups and send the balance quantity of XRP to escrow account.
Currently, Ripple possesses about 6.80 billion XRP and has about 47.80 billion XRP still available in escrow, as per the company’s website. Over 46 billion XRP has been disbursed by April 11.