“MonkeyNoStopMyShow”, a long-term investor in Ripple (XRP), has expressed disappointment at the company’s achievements and statements of its Chief Executive Brad Garlinghouse, Crypto News Flash website reported.
The investor’s post on Reddit titled “Long-term hodler losing confidence” has received more than 100 responses and opened the door for heated discussion in the Ripple community.
The investor said he started his XRP investment in 2017. Since then, he has maintained strong confidence in the cryptocurrency’s potential. The investor hoped XRP would become a major player in the cryptography. However, he was disappointed by the statements made by Ripple CEO Brad Garlinghouse and Ripple CTO David Schartz:
“(…) things have been awfully quiet for perhaps over a year. Garlinghouse and Schwartz mentioned dozens of banks would be using XRP, Ripple would be working with major household names, but two years have passed and very little has been made public.
This raises the question if things are perhaps not going according to plan. xRapid was rebranded in ODL and Ripple seems to be focusing a lot on low value remittance markets through their stake in MGI , as opposed to Garlinghouse claiming to have a product that would make cross border transfers for banks more efficient, taking away the need for dormant capital (nostra/vostro etc).”
On Demand Liquidity (ODL) is one of Ripple’s products with the most potential. The payment solution was marketed as a groundbreaking means for safe and instant transfer of money. However, the investor claims the solution remains missing the adoption expected by its executives.
The payment services company has seen controversy after a paper was released showing that Ripple pays for the use of its products. Filed for U.S. Securities and Exchange Commission (SEC), the document states that the company pays a certain sum of money to its partner MoneyGram to use its product.
Ripple: Rising XRP liquidity lures strong institutions
VP Breanne Madigan earlier said institutional traders are adding more liquidity to Ripple’s XRP-powered payment app ODL.
She added that XRP liquidity is ODL’s lifeblood as it decreases the risk and cost of each cross-border payment transaction.
“The continued growth of ODL has led to an expanding number of financial institutions, payment providers and market-makers to trade in XRP. The resulting increase in institutional trading volume has helped to bring further liquidity to XRP, specifically in ODL corridors – in spite of the recent market turbulence surrounding the COVID pandemic.”
By using the product, Mexico’s largest crypto exchange Bitso has expended its business, raising its XRP / peso volume significantly.
The company is currently handling 2.5 percent of remittance transactions from the US to Mexico, which is considered a breakthrough attributed to the company’s partnership with Ripple.
Barbara Gonzalez Briseno, head of finance at Bitso, said Ripple’s technology has allowed her company to charge “a fraction of (traditional) wire transfer fees”.