Ripple CEO confirms plans to Destroy 50billion XRP Holdings – Ripple chief executive Brad Garlinghouse says Ripple is “open” to new ideas regarding their massive trove of XRP.
In a new interview, Thinking Crypto host Tony Edward asked Garlinghouse whether Ripple is open to burning or distributing their XRP escrow holdings.
Garlinghouse doesn’t rule either of those options out, and adds that Ripple had 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’s a very important piece, as am I.
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 ways I think that transparency has come back to bite us a little bit, ironically and frustratingly.
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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.”
Ripple owns more than half of the total supply of XRP. In December of 2017, the San Francisco startup pledged not to sell all of its tokens at once, locking up 55 billion XRP into a series of cryptographically secured escrow accounts.
Ripple then set up a schedule to release one billion XRP each month, sell a portion to fund its operations and invest in startups, and return the rest back into escrow.
Ripple currently holds nearly 6.8 billion XRP and has roughly 47.8 billion XRP left in escrow, according to the company’s website. More than 46 billion XRP has been distributed as of April 11th.