Ripple Has Made Big Changes
In February, Garlinghouse explained that he wants his company to be the “Amazon” of the cryptocurrency industry, meaning he wants it to be bigger than big. Bigger than bitcoin, bigger than any other cryptocurrency known to man. Ripple must be number one, and he won’t stop until this goal is accomplished.
At first glance, it looks like these might just be words. Amazon, after all, has a market cap that exceeds $1 trillion, and while Ripple is certainly large – it’s currently valued at over $10 billion – it’s nowhere near the size and scope of the world’s number one online retailer. How could the third largest cryptocurrency by market cap ever get big enough to surpass one of the largest companies known to man?
Ripple has, however, made a lot of changes and progress over the years, ultimately being deemed the number two fintech company across the globe by publications such as Forbes. At the time of the ranking, Ripple ultimately beat out Coinbase – one of the largest and most popular cryptocurrency trading platforms in the United States – which was then valued at just over $8 billion.
Furthermore, Ripple boasts more than 160 separate customers, of which about 118 are banks. Garlinghouse has also stated that he’s looking forward to initiating a Ripple initial public offering (IPO) sometime in the year 2020, which he believes will set several other blockchain and crypto-based companies on a similar path. He explained:
In the next 12 months, you’ll see IPOs in the crypto/ blockchain space. We’re not going to be the first, and we’re not going to be the last, but I expect us to be on the leading side. It’s a natural evolution for our company.
One of the big advantages to Ripple as of late is the fact that it’s so widely used in remittance payments. The company has partnered with several remittance firms and financial institutions, allowing users to transact crypto (XRP units) with those who may be living or working abroad.
What Will Happen with the Suit?
Jack Choros – the chief marketing officer of Crypto Radar – says that this is one of Ripple’s biggest strong points as of late. He comments:
[Ripple] brokered long-term transfer agreements with banks all over the world that need liquidity and need to move money fast. There’s a big opportunity for Ripple as a private business to take a nice cut of such large multimillion-dollar transfers.
At the same time, a federal judge has recently voted in favor of allowing a pending class-action suit to move against Ripple and its executives, and it’s unclear how big of an impact this lawsuit will have on the company’s operations. Many initial traders claim Ripple lied about its status as a non-security.