CryptoLaw founder attorney John Deaton expressed surprise over CoinDesk’s recent publication about XRP.
According to an excerpt in a CoinDesk article published yesterday, the media outlet noted that “Ripple and XRP are not interchangeable.” It went a step further to state the function of each.
“While Ripple is a fintech company focused on building a global payments network, XRP is an independent digital asset used for things like online payments and currency swaps,” an excerpt of the article read.
Deaton Reaction
This shocked many, including attorney Deaton, given that the media outlet is known for spreading Fear, Uncertainty, and Doubt (FUD) about Ripple and XRP.
In reaction to the report, attorney Deaton said, “times are changing.”
“Ripple and XRP aren't interchangeable. While Ripple is a fintech company focused on building a global payments network, XRP is an independent digital asset used for things like online payments and currency swaps.”
Times are a changing. https://t.co/ywUYVT8tFa
— John E Deaton (@JohnEDeaton1) March 29, 2023
However, many XRP community members do not think the media outlet has learned from its previous misinformation regarding the sixth-largest cryptocurrency.
In the first paragraph, CoinDesk described “Ripple Labs as the company that issued the XRP tokens.” Reacting to the comment, an XRP influencer said:
“Your generalism/investigative skills need adjusted or you are doing this for political purpose. Stop writing false articles & fake narratives against XRP & Ripple do the right thing & fix it. Ripple did NOT issue XRP nor did they create it. It was gifted to them.”
It bears mentioning that XRP is one of the crypto assets that suffered from misinformation in its early days. Several crypto community members previously used Ripple and XRP interchangeably while referring to crypto. This stems from a series of misconceptions about the coin. However, XRP enthusiasts, including Deaton, have embarked on a voluntary task to correct these misconceptions.
Brief XRP History
For context, XRP is the native cryptocurrency of the XRP Ledger (XRPL), a decentralized, public blockchain led by a vibrant global developer community. Three engineers, David Schwartz, Arthur Britto, and Jed McCaleb, began the development of XRPL in 2011.
The team launched the blockchain the following year. In September 2012, Chris Larsen and the group that started Ripple (formerly named NewCoin) joined the XRPL team. The partnership resulted in XRPL’s founders gifting 80 billion units of XRP to Ripple. The Silicon Valley tech company proceeded to lock a huge chunk of the crypto asset in escrow to protect its market value.
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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