Ripple (XRP) is one of the most controversial yet intriguing cryptocurrencies in the crypto realm. With Ripple forging new milestones with each passing second, the XRP token is also inching towards breaking its current price juncture of $0.60.
At the same time, Ripple’s former global head of infrastructure innovation, Dilip Rao, was recently seen making comments on how XRP is not meant for retail, explaining another use case for the token to explore.
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Former Ripple Global Head of Infrastructure: XRP Designed for Institutional Investors
At a recent Global Islamic Economy Summit, Dilip Rao, former Global Head of Infrastructure Innovation at Ripple, made exclusive comments about Ripple’s adoption.
When asked about investors’ recent purchase of XRP for short-term gains, Rao reiterated that this is not the token’s real use. The token is meant for nuanced institutional development, which will help it gain momentum in the space.
“It’s chicken and egg; you have to create a marketplace. And right now we have 152 global exchanges around the world that trade XRP. A lot of it, as you say, is very shallow trading by individuals, and that is not the use case that we are pursuing. What we are pursuing is the use of XRP as a financial asset by sophisticated institutions as a bridging mechanism. In the last quarter, the bulk of XRP sales were institutional.And as this transitions away from retail to institutions, we’ll start to use it for wholesale, for financial usage.“ – Dilip Rao
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