$50M Transfer, 2 Seconds, $0.30: Arrington Applauds Ripple
Whether you’re embracing it or not, there’s no denying how XRP is influencing the payment industry around the world. The founder of TechCrunch seems to agree completely. Michael Arrington, who founded a management company for digital funds by the name of Arrington XRP Capital, is claiming he was able to move Ripple equivalent to $50 M in 2 seconds and it cost him only 30 cents to do so.
Arrington first began to express his fondness toward the cryptocurrency last August. He expressed then how he believed XRP to be a powerful option as a base cryptocurrency for hedge funds due to the fact that it’s remarkably efficient while being rather inexpensive.
Great Potential in No Time
He further emphasized his point of view regarding the massive potential of the cryptocurrency recently at this year’s Beyond Blocks Summit, South Korea. He explained how his firm moved Ripple tokens of $50 M in value in a matter of merely a few seconds, which he expressed wouldn’t even be a possibility with other platforms available on the market, including BTC and fiat. He maintains that there simply isn’t any other way to accomplish this with such speed and at such an insignificant cost, which makes XRP quite useful for him and his firm.
When the company’s limited partnership is to be redeemed and part of the money is required, for example, they would be able to send it in Ripple again. That way, there would be no waiting for three days for global wires to take place or even waiting for just one way when it’s within the United States. There would be no wire fees.
Wrongful Criticism of XRP
Arrington also expressed how the ongoing criticism of XRP seems to be unfair, as the industry is highly influenced by tribalism and maximalists who push for certain cryptos, especially BTC, and who sycophantically agree that XRP is just not good enough without basis. He sees Ripple Labs as an authentic firm, who is not claiming to be anything it’s not, and they are really good at transferring funds quickly and cheaply.
One of the XRP executives at Ripple Labs previously stated that most of the criticism they receive are a result of false information echoed by people acting like journalists. Arrington said something along those lines as well, as he was making his support of Ripple very clear and not influenced by personal or business agendas. His company chooses to invest in XRP, as well as other investments in different directions.