Despite the lawsuit brought by the US Securities and Exchange Commission, Ripple CEO Brad Garlinghouse claims the payments company is still growing (SEC).
In a new Bloomberg interview, Garlinghouse claims that despite the SEC lawsuit accusing XRP, the native digital asset on the XRP Ledger, of being a security and hobbling Ripple’s US operations, the company is seeing record growth.
“The idea that XRP, which we use as a currency, the idea that it is a security I think is just misguided.”
“Unfortunately, Ripple is operating in a world as if we have lost. In the United States, XRP,”
“for all purposes there’s no liquidity. It has been halted and frozen on most US-based exchanges.”
“Despite that fact, Ripple had a record year last year. We continue to grow very quickly across”
“our major product groups. Even Q1 was a record for us.”
“Now, unfortunately, that growth is almost all coming from outside the United States”
” and we are hiring more and more people outside the United States.”
” But our customer base now is about 95% non-US payment companies.”
According to the Ripple CEO, demand for RippleNet increased eight-fold from the first quarter of 2021 to the first quarter of this year.
RippleNet is a global digital payments platform with over 55 nations participating
“The demand for our core product [RippleNet] which uses XRP to facilitate these cross-border payments,”
” the demand for that grew 8x year-over-year. So from Q1 last year to Q1 this year, it grew 8x.”
” And that’s on a base already measured in billions. So from our point of view, demand has skyrocketed.”
Garlinghouse further claims that the SEC is overreaching with its efforts. Thereby, lowering the United States’ competitiveness and driving employment elsewhere.
“I just think it’s incredibly frustrating that here in the United States, where we have led innovation”
” in so many different industries, we have an agency that’s overreaching”
” and really constraining competitiveness and hiring people here in the United States.”
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