Despite the SEC’s (Security and Exchange Commission) lawsuit against Ripple, demand for its XRP-based products continued to surge.
Ripple’s CEO Brad Garlinghouse in an interview with Bloomberg disclosed that the company is experiencing record growth despite the SEC lawsuit alleging XRP, the native digital asset on the XRP Ledger, of being a security and limiting Ripple’s US activities.
Garlinghouse further states that he believes the claim that XRP, which is used as a currency, is a security is simply wrong and is just misguided. Though under ban, Ripple experienced a record year in 2021, and still continues to grow rapidly across major product groups.
Sad to say that Ripple is operating on a low in the United States where XRP has no liquidity and has been frozen on most US-based exchanges.
Brad also disclosed that a major part of Ripple’s growth is from outside the United States and they are hiring more workforce from other countries. Non-Us payment companies now make up 95% of Ripple’s customer base.
According to the Ripple CEO, demand for RippleNet increased eight-fold from the first quarter of 2021 to the first quarter of this year. RippleNet is a global digital payments platform operating in over 55 nations.
RipplesNet is the core product of Ripple and it uses XRP to facilitate cross-border payment
Garlinghouse further opined that the SEC is overreaching with its efforts, lowering the United States’ competitiveness and driving employment elsewhere.
