XRP is at the center of an effort by fintech giant Ripple to create an ecosystem that rivals top financial institutions like JPMorgan.
Teucrium CEO Sal Gilbertie is bullish on Ripple, expressing his confidence in what the XRP ecosystem is building. In a recent interview with top pundit Paul Baron, the CEO boldly claimed that Ripple is on track to compete with the apex companies of the traditional banking system.
Teucrium CEO Calls Ripple a “Machine”
Gilbertie called Ripple a “machine” and a “highly disciplined team” focused on driving mainstream adoption of its blockchain-focused payment innovation. Furthermore, he stated that the firm is developing technology that would compete with JPMorgan, an international financial services provider with over $4.6 trillion in assets under management (AUM).
While JPMorgan offers banking and wealth management services, it also facilitates inter- and intra-border settlements. Data shows that the bank processes nearly $10 trillion in payments daily across over 160 countries, and Ripple wants a share of this impressive volume.
Notably, Ripple is progressing in this course intentionally, and the Teucrium CEO acknowledged that. He noted that this JPMorgan rivalry will intensify when Ripple obtains its banking license.
“They are gonna be incredibly well capitalized,” he added, expanding on the impact of the banking charters on Ripple’s operation.
Notably, the San Francisco-based company filed for a US banking license with the Office of the Comptroller of the Currency (OCC) in July. Once approved, it would grant Ripple the right to provide fiduciary services, including custody of its RLUSD stablecoin.
Ripple Has No Reason to Sell XRP
For context, Gilbertie’s statement follows a question from host Barron whether Ripple CEO Brad Garlinghouse’s statement on XRP’s sales settled the market. For context, there have been community concerns over the Ripple team’s XRP sales.
Some have also highlighted perceived negligence of XRP following recent Ripple expansions. However, Garlinghouse has assured that XRP is at the center of Ripple’s plans.
Notably, the Teucrium CEO shared that Ripple has no reason to sell its XRP stash. “Why would they want to sell XRP?” he asked, concluding that they would hold on to the asset.
However, he does expect some level of sales. Gilbertie noted that the Ripple team might sell some of their holdings as the asset appreciates.
So, the CEO concluded that Garlinghouse’s statement that XRP is at the center of Ripple’s plan was a modest take. According to him, Ripple is at the “center of the universe.”
Remarkably, this is not the first time Gilbertie has praised Ripple and XRP. He claimed in August that Ripple could “hopefully” replace SWIFT, building on his earlier comments that XRP has massive utility and demand.
DisClamier: 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 opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
