Ripple Labs released its quarterly report this morning. The report focuses on finding legitimate trading volume data and Ripple’s strategy for dumping its XRP hoard moving forward.
Ripple Vows to Drastically Reduce Income from Selling XRP on Open Market
In this nascent industry, we need to be transparent and urge others to do the same. As a responsible stakeholder of XRP, @Ripple is confronting this issue by updating the benchmark for market volume and reducing future sales of XRP. https://t.co/RTuWBBT0Oc
— Brad Garlinghouse (@bgarlinghouse) July 24, 2019
The company reports that it raised over $250 million in the second quarter of 2019 but that it will be selling a lot less of its stash moving forward.
Ripple Labs’ massive vault of XRP, of which it is authorized to sell several billion every month (but rarely, if ever, sells it all), is a frequent source of criticism.
Just over $100 million of the raised funds is credited to “direct institutional sales.” The other $144.6 million came from the crypto unicorn dumping on the market through programmatic sales based on a percentage of global XRP trading volume.