Michael Arrington Moved $50 Million USD Worth of XRP In 2 seconds Spending Just 30 Cents in Fees
Despite being perhaps one of the most controversial projects within the crypto-verse, Ripple continues to demonstrate that it is a quality blockchain with practical uses not only for the future but also for the present. In an extract of an interview published by Steven Diep, Michael Arrington testified to this by describing how his company took advantage of Ripple’s technologies to move large amounts of money quickly, safely and cheaply.
Arrington, who is CEO of Arrington XRP Capital, mentioned that thanks to Ripple’s blockchain, his company’s development team sent 50 million dollars in XRP with amazing results, according to his words, even better than those expected from other traditional blockchains:
“We moved … 50 million dollars into the Company in XRP in like 2 seconds and it cost 30 cents. Now, That is amazing. There is no way to do that with fiat or Bitcoin.”
We moved $50 million dollar worth of XRP into our company in 2 seconds and it costed 30 cents. There is no way to do that with fiat or Bitcoin.
The possibility of moving money almost instantaneously at ridiculous fees makes of XRP an extremely attractive option not only for investors but the average user.
Ripple’s XRP Is Good For One Thing: “Moving Money Fast and Cheap”
Arrington noted that although Ripple is well-established and true to its principles, he “doesn’t understand” why there is such an aversion towards it on behalf of the community, when in fact Ripple fulfills a purpose and does it successfully:
The tribalism in this industry is insane … So, there’s Bitcoin (BTC) maximalists … but everybody ‘agrees’ like XRP sucks, and I don’t really get it … I mean, they [Ripple Labs Inc] are a legitimate company. They don’t pretend to be something they’re not, and they’re really good at one thing: Moving money fast and cheap.
In the last few weeks, Ripple has had an important upturn in its popularity. Although some members of the crypto sphere still view with disapproval the company’s philosophy, the truth is that the XRP/Ripple community has been strengthened and has gained followers all around the world.
Recently, Ripple has been in the media spotlight thanks to the launch of xRapid and the wave of institutional investments it has managed to achieve.
Arrington concluded by clarifying that despite supporting the use of this cryptocurrency, his opinion is not biased by their investments:
The religious wars aside, the tribalism aside, it does some things really well, and we love it for that. That being said, just because we are denominated in XRP, I am not a special pleader for XRP, I don’t work for them. The company itself is not our LP. Other people who had XRP are … I like them, I think they’re great, but they’re like less than 5% of our asset base at this point. We do invest in XRP, but most of our investments are in other things.