CEO Brad Garlinghouse: Despite its legal troubles with the SEC, Ripple has had a successful year

Ripple has been embroiled in a lawsuit with the United States Securities and Exchange Commission (SEC) for almost a year now. While the case has opened the door for a broader discussion about the country’s securities laws and how they relate to digital assets, the company has undoubtedly lost a lot during this time. But, CEO Brad Garlinghouse still sees this as a successful year for the blockchain giant.


Brad Garlinghouse

Ripple CEO still believes that 2021 is the firm’s record year, despite SEC lawsuit

When the lawsuit was first filed by the SEC, many crypto exchanges were quick to delist XRP. Curiously, most of this was achieved without the contribution of the US market. Speaking at the DC Fintech Week Virtual Conference on October 21, the executive highlighted different metrics in the company’s Q3 stats to underline the same thing.

Referring to RippleNet, the company’s leading source of revenue since it handles transaction-related activities, Garlinghouse expresses his pride.

“The primary metric of success is transactions. Despite the headwinds from the SEC, we have had a record year on a ton of different dimensions”, he stated.

Garlinghouse also revealed that Ripple’s On-demand Liquidity service, which uses XRP to bring liquidity to financial institutions, grew 130% quarter-on-quarter. Furthermore, Ripple itself has increased by 33% in the past quarter.

In its latest court filing, the SEC argued that alongside Ripple, the price of XRP has continued to rise, despite the ongoing lawsuit. Through these statements, the SEC is attempting to refute Ripple’s claims that the incident has adversely affected the company’s revenue and market position.

He noted that much of this growth was due to business conducted outside of the United States. “In the United States, we have signed exactly zero new customers, and we’ve lost customers because they’re like hey look until the United States regulatory framework is clear we need to lean out,” he added.

The lawsuit is still pending, but it looks like Ripple’s future may well lie outside of the US. The company is actively applying its strength to expand its base in that direction. During the interview, Garlinghouse also revealed that the company had a record Q3 in hiring as Ripple hired 75 new employees, most of them non-US citizens.

“We will continue to hire more outside the United States,” he went on to say.

However, it is worth noting that the moderator openly dodges questions regarding the company’s plans. Even so, he mentioned several technology applications that could be pursued soon.

It is no secret that the blockchain company has signed a series of partnerships with foreign institutions to provide them with digital asset payment solutions. Recently, as AZCoin News reported, UAE-based foreign currency exchange Al Ansari extended its partnership with Ripple to offer cross-border payments by leveraging RippleNet by doing day transfers.

Ripple also recently announced it’s joining the Digital Pound Foundation. The effort is aimed at building a UK CBDC, as AZCoin News reported.


XRP/USD 4-hour chart | Source: TradingView

At the time of writing, XRP is changing hands at $1.0922.

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