Official: Ripple Announces of Having Signed 100+ Production Contracts
Chris Larsen, the executive chairman and the co-founder of Ripple, has uncovered the company currently has more than 100 production contracts signed and prepared to go.
The news comes by means of another picture of Larsen, who is a featured speaker at the Crypto Finance Conference in Half Moon Bay, California. The background graphic behind Larsen delineates a portion of the "100+" organizations that have signed contracts with Ripple.
This basically implies those organizations are not simply testing Ripple's technology, but rather are additionally committed to commercially incorporating at least one of Ripple's products later on.
Ripple has a suite of software solutions intended to enable financial institutions to enhance the speed, tracking and lower the cost of transactions. The cryptocurrency XRP is utilized in xRapid, which is Ripple's crypto-based solution for enhancing cross-border payments.
Ripple CEO Brad Garlinghouse has already expressed that the organization is signing up an average of one bank to a production contract for each week:
“It’s been an incredible 2018 for us. We’re now signing up one bank to a production contract per week. We announced that we signed the largest bank in Kuwait, the National Bank of Kuwait, so if [Ripple] continues to build momentum and the dynamic there is the network effect.
The more participants, the more value in joining. So we’re seeing that momentum build.”
Ripple as of now owns 60% of the total supply of XRP, with 91% of that investment locked in escrow.
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