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Ripple’s former lead developer advocate, Matt Hamilton, has denied claims that XRP will soon be dedicated to institutional payments.
Matt Hamilton, formerly a Principal Developer Advocate at Ripple Labs, has made the growing claim that Ripple’s native token, XRP, will soon be available only for institutional payments, leaving no retail trading option. I revealed that I was there.
Hamilton’s comments came in response to claims made by the official Twitter account of the recently launched XRPL token. XRPayNetThe handle highlights Ripple’s pattern of buying back XRP tokens from the market, claiming the company plans to limit the use of XRP to payments to institutions in the future.
XRPayNet said it plans to fill the gap when Ripple finally decides to dedicate XRP to institutional payments. “We are entering a place where they may exit the market.” they said
In response, Hamilton quickly denied claims that XRP would soon be restricted to institutional payments, noting that anyone making such claims intended to “mislead” the public.
The XRP Ledger is permissionless. You can build anything you want on top of it. XRP can be used for anything. Hamilton said in a tweet on Thursday:
The XRP Ledger is permissionless. You can build anything you like on top of it. You can use XRP for anything. Anyone who says “XRP is only used for institutions” is misleading.
Matt Hamilton | #LabWeek22 (@HammerToe) November 3, 2022
Ripple has faced criticism due to the high percentage of XRP tokens in circulation within its reserves. Nevertheless, in the XRP Q3 Markets Report, Ripple clearly The amount of XRP in circulation fell below 50% for the first time.
The XRP Ledger is one of the most popular blockchain networks available. Several public institutions and private companies are leveraging its capabilities to facilitate low-cost and fast cross-border payments.
Several banks, such as Siam Commercial Bank in Thailand, Santander Bank in the US, Bank of America, and PNC Bank in the US, have partnered with Ripple to take XRP and XRPL. The surge in institutional adoption fueled the erroneous belief that Ripple was heading toward an institutional-only business model.
As part of an expanding pattern of institutional partnerships, Ripple partnered Together with Swedish remittance service Xbaht AB and Paris-based payment solution Lemonway, we have introduced the ODL solution to the Swedish and French markets.
Furthermore, in September, Ripple Been formed We partnered with San Francisco-based design consulting service btrax to launch Web3 Design Lab as a design agency to drive innovation for new offices in Japan.
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