CEO of Ripple Brad Garlinghouseannounced that the payments company continues to grow despite the lawsuit filed by the US Securities Exchange Commission (SEC).
In a new interview on the Bloomberg channel, the CEO said that despite the SEC lawsuit alleging that XRP, the native token on the XRP Ledger, is a security and crippling operations in the US. Ripple He stated that he enjoyed the continued growth of his company.
“The idea that the XRP we use as a currency is a security is simply wrong. Unfortunately, we are trading in a world where Ripple is thought to have lost the case. In the US, XRP does not offer liquidity for all purposes. Transactions were also frozen on most US-based exchanges.
Despite this, Ripple managed to break records last year. We continue to grow very rapidly in our main product groups. Even Q1 was a record for us.
Unfortunately now, this growth is almost due to operations outside the US, and we are employing more and more people from outside the US. 95% of our customers are currently outside the US.”
Ripple CEO stated that demand for RippleNet has increased eightfold from the first quarter of 2021 compared to the quarter ended in March this year. RippleNetcurrently serving as a global digital payment platform operating in more than 55 countries.
“Demand for our core product (RippleNet), which uses XRP to facilitate international payments, has increased 8x compared to last year. This demand is already big enough to be measured in billions.”
Garlinghouse also thinks that the SEC has overdone it with its actions and, as a result, undermines the competitiveness of the United States and pushes things away.
“I think it’s incredibly frustrating that we have an agency here in the United States, where we lead innovation in so many different industries, that really limits competition and recruits people in the United States.”
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