Brad Garlinghouse Says Ripple Is Open To The Idea Of Destroying 50B XRP Holdings

Chief Executive Officer of Ripple, Brad Garlinghouse, has stated that the company is looking for any useful suggestions regarding their massive inventory of XRP. During an interview with Tony Edward, the host of Thinking Crypto, Garlinghouse was questioned about Ripple’s next step towards managing their XRP inventory, whether the company is looking to purge all of it or distribute it in the market. Brad answered by saying that both options are viable, but Ripple still has no plans to dump it in the market and that it doesn’t make any sense for Ripple to just dump out all the XRP holdings sitting at escrow. Brad said that handing out all the XRP will also hurt the XRP ecosystem, which will unintentionally hurt Ripple back.

XRP and Escrow

Brad continued on how escrow was going to function. Escrow’s main intention was to provide transparency to users and give users the information they need to stay satisfied with the service. But even after all this positive motive around transparency, it actually hurt back, which was a very strange thing to happen, often times being very frustrating to deal with.

Following the discussion, Brad said that Ripple is more than happy to receive any positive suggestions regarding the XRP holdings and will not ignore anything, which can potentially benefit the XRP ecosystem as well as Ripple. Ripple currently holds nearly three fourth of the total XRP supply, which the company promised not to purge or sell all at once. This eventually led to several escrow accounts holding almost 55 Billion XRP. Ripple then made a move to manage the excessive XRP holdings, letting go of 1Billion XRP per month, selling it to provide funds for its internal operations and startups who are in dire need of it. Meanwhile, the rest of the XRP would go straight back to escrow.

As of now, Ripple has a grip on almost 6.8 Billion in XRP and around 47 Billion XRP, which sits at escrow. By looking at the information provided on Ripple’s website, it seems that it has managed to give out more than 46 Billion XRP, according to the statistical data in the monthly analysis of April 2021.