Ripple CEO Garlinghouse does not rule out ‘burning’ its 55 billion XRP holdings
Ripple’s Chief Executive Officer Brad Garlinghouse said the company is “open” to new ideas when it comes to their massive XRP holdings in escrow.
Garlinghouse recently appeared in the Thinking Crypto podcast where host Tony Edward asked the CEO whether Ripple is open to burning or perhaps distributing their XRP escrow holdings. During their one-hour conversation that so far reached over 100,000 viewers, the two also discussed the current SEC lawsuit, Gary Gensler as the new SEC Chairman, XRP adoption, Bitcoin and much more.
According to Garlinghouse, neither burning nor distributing its XRP holdings is ruled out. He adds that Ripple has no plans to dump the crypto asset on 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 is a very important piece. And so Am I,” the CEO said.
“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, he added.”
55 billion XRP
Ripple owns over half of all XRP. Back in December 2017, the San Francisco start-up decided not to sell all of its tokens at once. It then locked up 55 billion XRP into a series of cryptographically secured escrow accounts.
Since the time, one billion XRP each month were scheduled to be released each month. A portion of it to fund its operations and invest in start-ups. The rest returned into escrow.
“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 way, I think that transparency has come back to bite us a little bit, ironically and frustratingly,” Garlinghouse said.
According to the company’s website, Ripple currently holds almost 6.8 billion XRP and has about 47.8 billion XRP holdings in escrow.
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Source: igaming
