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Home Crypto News Market CZ Apologizes On Behalf of Binance-Owned CoinMarketCap’s Swipe At Ripple (XRP)

CZ Apologizes On Behalf of Binance-Owned CoinMarketCap’s Swipe At Ripple (XRP)

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Binance CZ has apologized to the Ripple community on behalf of CoinMarketCap’s negative comments against Ripple.

Changpeng Zhao (CZ), the CEO and founder of the world’s largest exchange Binance, has apologized to the Ripple community, following degrading comments made by cryptocurrency aggregator platform CoinMarketCap against Ripple (XRP) coin.

According to CZ, he made an inquiry into what prompted such degrading comments aimed at Ripple from the Binance-owned CoinMarketCap Twitter handle and was told the post was made by an employee who recently joined the company.

He tendered an apology to the XRP community and promised that such an unfortunate incident will not happen again.

“I asked. Mistake by a new joiner. All his managers know too now. Shouldn’t happen again. [I’m] sorry about that. As platforms, we should remain neutral, to the extent possible,” CZ said while responding to a Ripple enthusiast’s post about the incident.


The genesis of the Issue

Recall that CoinMarketCap, which took to Twitter yesterday, asked its followers to select the “imposter” out of nine cryptocurrencies, which included assets like Bitcoin, Ethereum, Binance Coin, and Ripple, ChainLink, etc.

The cryptocurrency aggregator platform adopted the popular “Among Us” and called on its followers to make their pick.

After the cryptocurrency community made their choices mainly based on malice and personal sentiments, CMC shocked everyone when it noted that Ripple is the imposter among the nine selected cryptocurrencies.

Is Ripple (XRP) Centralized?

CMC, which was acquired by Binance in 2020, selected XRP as the imposter because it considers the seventh-largest cryptocurrency as a centralized token, while the other digital currencies on the list are decentralized.

For CMC, Ripple is centralized because the project’s founders and developers own a large percentage of the cryptocurrency’s total supply, which accounts for over 50%.

With the Ripple board controlling over 50% of the XRP token supply, the blockchain company’s executives will have the upper hand when important decisions about the firm’s future are being made, CMC noted.

Why Ripple Board Holds More XRP

Truly, the Ripple board is in control of a large percentage of the XRP’s total supply. The company, which minted 100 billion units of XRP at the time of its launch, decided to hold over 50% of the coin in an escrow account.

The idea is to prevent the board from releasing the entire 100 billion XRP total supply into the market, a move that could crash the price of the token.

As part of measures to relinquish control of the asset class to the community, Ripple noted that it would release one billion units of the cryptocurrency from escrow on a monthly basis.

Meanwhile, Ripple has not been consistent in the release of the tokens as promised and it is mainly due to its ongoing lawsuit with the Securities and Exchange Commission (SEC).

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The content is for informational purposes only and may include the author’s personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

Ammara Mubin is a cryptocurrency reporter and trader with vast experience in the industry. Mubin has written several news stories related to the crypto industry, including non-fungible tokens (NFTs), decentralized finance (DeFi), fundraising, mining, etc. Her major focus is covering regulatory events that are capable of shaping the entire crypto ecosystem.


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