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Brad Garlinghouse – Ripple Has over $305M in Bank and We Don’t Need to Raise Capital

Tabassum Naiz

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Brad garlinghouse

Speaking at The Information’s annual subscriber summit, held in Menlo Park, Calif., on Thursday, Brad Garlinghouse, a Silicon Valley veteran talked about his company, XRP and also Facebook-led Libra.

As per “The Information” which reported Garlinghouse’s statement, Ripple owns over $15 billion XRP, the third-largest cryptocurrency by market capitalization. At the moment, the token is valued at $0.29 against USD, plummeting by 1.52 percent over the past 24 Hrs. As mentioned in the article, Garlinghouse also claimed that the firm is “striking 30 plus deals a week with the financial entities” – however, how far this report is true remained unclear as 30 plus deals/week seems quite vague – given the fact that Ripple officials previously stated 220-250 when asked about Ripple’s existing customers.

Moreover, Garlinghouse asserts that the company doesn’t need to raise capital – according to him; it already has “over $305 million in cash in the bank”. He said; “We don’t need to raise capital,” and $305 million cash in the bank is equivalent to the company’s most recent valuation”

Notably, the company’s co-founder, Chris Larsen remained in “The Forbes 400″ list of wealthiest Americans with over $billion net worth since last year.

Moreover, Brad Garlinghouse also shed light on Facebook’s Libra and bashed at Facebook’s attempt of entering into financial landscape, saying;

“I think that the way they approached it demonstrated, frankly, [from] my point of view, arrogance in how they rolled it out. I think Facebook did not appreciate the trust deficit they had.”