Ripple CEO refutes report claiming the focus is shifting from payments


Brad Garlinghouse, the CEO of Ripple, took to Twitter to condemn an ​​article in the Financial Times that said the cryptocurrency firm intends to “roll back” its approach by focusing on additional blockchain use cases.

The Financial Times reported that Ripple was looking for tools to help developers build blockchain applications. The company uses the platform for activities that go far beyond the originally planned cross-border payment system, the article says. However, Garlinghouse refuted that this was a lynchpin in Ripple’s strategy.

“Ripple has absolutely no plans to roll back our strategy. Using XRP to solve a real-life 10-ton problem of how cross-border payments work, ”Garlinghouse tweeted late Thursday evening.

A former manager told the Financial Times that Ripple is still sitting on about 55 percent of total offering, which still ties the company’s value to XRP “with an option to a small software company,” according to the article.

Ripple was originally founded to build a blockchain-based cross-border payment platform that would streamline the entire transaction process. However, the company has received less approval from banks and financial institutions than expected. Additionally, as The Block previously reported, companies using Ripple’s platform and its XRP cryptocurrency will receive incentives in XRP or cash when promoting Ripple’s solutions.

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