Matt Hamilton, a former principal developer advocate at Ripple, has dispelled claims that XRP will soon be exclusively available for institutional payments.
Matt Hamilton, who once served as a Principal Developer Advocate at Ripple Labs, has debunked increasingly circulating claims that XRP – Ripple’s native token – will soon be available for institutional payments only, eliminating an option for retail transactions.
Hamilton”s comments came as a reply to assertions made by the official Twitter account of a recently-launched XRPL token dubbed XRPayNet. The handle highlighted Ripple’s pattern of buying back XRP tokens from the market, asserting that the firm plans to limit XRP’s usage to institutional payments sometime in the future.
XRPayNet said they plan to fill in the gap when Ripple eventually decides to make XRP exclusively available for institutional payments. “We are slotting in where they may exit the market,” they said.
In response, Hamilton immediately dispelled the assertion that XRP will soon be limited to institutional payments, noting that anyone who makes such claims intends to “mislead” the public.
‘The XRP Ledger is permissionless. You can build whatever you want on it. You can use XRP for whatever you want. Anyone saying “XRP will only be used for institutions” is misleading people,’ Hamilton remarked in a tweet Thursday.
The XRP Ledger is permissionless. You can build whatever you want on it. You can use XRP for whatever you want. Anyone saying “XRP will only be used for institutions” is misleading people.
— Matt Hamilton | #LabWeek22 ?? (@HammerToe) November 3, 2022
Ripple has faced criticisms due to the large percentage of XRP tokens in circulation within its reserves. Nevertheless, in the XRP Q3 Markets Report, Ripple revealed that it now holds less than 50% of the XRP in circulation for the first time.
The XRP Ledger remains one of the most utilized blockchain networks available. Several public and private entities have leveraged its features to foster fast cross-border settlements at low cost.
Several banks, such as Thailand’s Siam Commercial Bank, Santander Bank in the U.S., Bank of America, and PNC Bank in America, have partnered with Ripple to utilize XRP and the XRPL. This surge in institutional adoption has fueled the mistaken belief that Ripple might be heading toward an institution-only business model.
As a part of its growing pattern of institutional partnerships, last month, Ripple partnered with Swedish money transfer service Xbaht AB and Paris-based payments solution Lemonway to introduce its ODL solution to the Swedish and French markets.
Furthermore, in September, Ripple formed a partnership with San Francisco-based design consulting service btrax as the design agency launched its Web3 Design Lab to foster innovation in new business establishments within Japan.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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