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“XRP Was Not Built Just to Make Ripple Rich”, Claimed Its CTO, Against Numerous Criticisms

By Shannon Wilson | December 30, 2019

A senior member of staff at major US-based crypto finance firm Circle has reportedly spoken against numerous negative comments, made towards its associated digital coin, XRP.

Specifically, on the social platform Twitter, David Schwartz – chief technology officer at Ripple – has defended his company against a comment, stating that XRP was particularly built to work as a revenue stream for the company.

Other previously tweeted posts also contributed to the Twitter battle, with one produced by former Bitcoin Core developer, Peter Todd, who claimed that XRP has a sole purpose for its existence, is to fool investors into buying it, consequently contribute to the majority of Ripple’s revenue. 

“Nobody buys XRP to give Ripple money to do things. “We were vc/angel funded and were going to build regardless. We started selling XRP only after there was a market price and for negligible amounts compared to our other funding.” Schwartz has spoken out against the claim. 

In the meantime, XRP investors are sailing through some rough waters these past weeks, as the token has managed to sink down to a recording-break low within the 2-year timeframe, against the U.S. dollar, with trading value capped at $0.19, XRP/USD has dropped tremendously, by 95%, compared to its all-time high of $3.40.

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