In a recent interview with The Financial Times, Ripple Chief Executive Brad Garlinghouse admitted that the company is heavily dependent on the value of its own token — XRP.
Garlinghouse said that Ripple is a capitalist on the XRP market as it owns "a lot of XRP."
"So do I care about the overall XRP market? 100 per cent," he added.
While XRP is trading far from its highs even by the cryptocurrency market's standards, Ripple CEO highlights points out the company is primarily focused on delivering "a lot of utility through XRP," which may take "years" as it develops applications that use its blockchain technology.
Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange.
Garlinghouse also believes that "Ripple is to payments as Amazon was to books."
"Amazon started as a bookseller and just sold books. We happen to have started with payments," Ripple CEO said.
iHodl earlier reported that Ripple had joined over 40 global companies and nonprofits as a member of the newly formed Open Payments Coalition launching PayID.
Ripple’s payment network, RippleNet, is integrating PayID to bring "further interoperability into cross-border payments." The company says the Coalition's goal aligns with Ripple’s founding vision in simplifying payments for all.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.