Ripple CEO Brad Garlinghouse responded to criticism from Financial Times technology reporter Nathaniel Popper claiming Ripple was attempting a “reset”, by clarifying that Ripple has no plans to reset its strategy.
FT claimed that Ripple was attempting a reset and that the company was “still trying to find compelling uses for the blockchain technology underpinning its XRP currency“.
Ripple’s CEO responded in a series of tweets, stating that Ripple had no intention of resetting its strategy. He pointed out that Ripple was using XRP to solve a $10 trillion problem, and is already seeing traction:
- On-Demand Liquidity (ODL), Ripple’s product that uses XRP, has accounted for more than $2 billion in transactions since its launch.
- ODL volume grew 11x Year on Year comparing the first half of 2019 to the first half of 2020.
- In less than 3 years, Ripple has processed 2B+ transactions on RippleNet with a notional value of $7B+.
- Over two dozen customers are on board with ODL including MoneyGram, goLance, Viamericas, FlashFX, Azimo, and others.
Ripple has recently shifted its ODL focus from large treasury payments to individual, low-value transactions, resulting in a drop in ODL volumes.