Michael Arrington: XRP helped move $50 million in two seconds, cost 30 cents

19 Oct, 2018
by Richard Allen
News
Michael Arrington: XRP helped move $50 million in two seconds, cost 30 cents

TechCrunch founder and investment partner at Arrington XRP Capital, Michael Arrington recently said “the tribalism in [the crypto] industry is insane, there’s Bitcoin maximalists … but everybody ‘agrees’ XRP sucks and I don’t really get it … They’re a legitimate company. They don’t pretend to be something they’re not.”

Arrington went on to say that “XRP is really good at one thing: moving money fast and cheap. It’s fantastic. It fills a big need.”

“For a hedge fund like us to be able to dominate in XRP is really, really, really good. We did our first close north of $50 million into the company in XRP in, like two seconds and it cost 30 cents. That is amazing. There’s no way to do that with fiat or Bitcoin … that fast and that cheaply.”

In contrary to the above statement, Chepicap reported several days ago that an unknown Bitcoin whale transferred $194 million worth of BTC in 30 minutes, costing about 10 cents.

“Also when our LPs eventually redeem, hopefully never but when they want some of that money back we just send it in XRP again. And there’s no three-day waiting period … we’re not paying wire fees … It does some things really well and we love it for that.”

Arrington also stated that he doesn’t understand why there’s so much criticism of Ripple, saying, “I don’t understand why that’s hard to understand” when referring to the quality of the services the company offers and the needs they fulfill.

“That being said, just because we are denominated in XRP… I’m not a special pleader for XRP. I don’t work for them. The company itself is not out LP, other people who have XRP are… I think they’re great, but they’re like less than 5% of our asset base at this point. We do invest in XRP but most of our investments are in other things,” he concluded.

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