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Ripple CEO Claims to Sign More Than 30 Deals Per Quarter with Financial Institutions
October 18  |  1 min read

Ripple Allegedly Signs Over 30 Deals a Quarter with Financial Institutions

The COIN360 Editorial Team

Ripple CEO Brad Garlinghouse has stated that the company signs over 30 deals a quarter with financial institutions regarding blockchain payments, like last week’s partnership with fintech firm Finastra.

According to Garlinghouse’s comments at The Information’s annual subscriber summit held in California this Thursday, Ripple is signing more than 30 deals a quarter with different financial institutions thanks to the company’s technology that facilitates real-time settlements between banks. A Ripple spokesperson, however, refuted the statement saying the company signs roughly 2 to 3 deals per week.

The Ripple CEO, who took office in 2016, stated that the company doesn’t “need to raise capital”, as it is worth over $305M according to its latest valuation. In addition, the company owns approximately $15B worth of its cryptocurrency XRP, the third best performing cryptocurrency by market capitalization.

Garlinghouse also referred to the Facebook-led stablecoin Libra, stating that the regulatory pushback it has received has to do with the way the company has approached the development of the coin and that “Facebook did not appreciate the trust deficit they had”. He pointed out that the backlash Libra has faced raises concerns as to whether other cryptocurrency companies may be scrutinized as well: “now I worry, am I going to get caught in the crossfire?” He also stated that if a different company like PayPal would have started developing a coin like Libra, it would have probably received less pushback from regulatory agencies.