Ripple CEO Brands Coindesk Article 'Embarrassing' for Crypto Industry

Ripple CEO Brad Garlinghouse has criticized a Coindesk article suggesting the company is desperate due to its stablecoin venture. The article claims Ripple declared XRP dead and its On-Demand Liquidity solution lacked traction, leading to speculation of a revenue source need. Proponents of XRP refute these claims, highlighting partnerships with major institutions and XRP's market capitalization ranking.

Ripple CEO Brad Garlinghouse Slams Coindesk Article as "Embarrassing" for Crypto Industry

In a scathing critique, Ripple CEO Brad Garlinghouse has denounced a recent Coindesk article that portrayed the company's venture into the stablecoin market as a desperate move. Garlinghouse labeled the article "embarrassing" for the cryptocurrency industry, accusing Coindesk of "childish antics masquerading under what should be a credible brand."

The article, authored by Daniel Kuhn, a deputy managing editor for Consensus Magazine, suggested that Ripple's stablecoin announcement signaled the "death" of the controversial XRP token. Kuhn insinuated that the embattled company might be grasping for a new revenue stream amid ongoing legal challenges from the U.S. Securities and Exchange Commission (SEC).

However, Garlinghouse vehemently refuted these claims. He pointed out that Ripple's On-Demand Liquidity solution, which leverages XRP for cross-border payments, has been gaining traction among legitimate financial institutions. Moreover, he highlighted that major entities like American Express remain among Ripple's partners.

Supporters of XRP, known as the "XRP Army," rallied behind Ripple, disputing the article's portrayal of the company as struggling. They emphasized that XRP continues to rank among the top cryptocurrencies by market capitalization, despite its current valuation being a fraction of Ethereum's.

"Ripple's still pushing forward, finding new paths and opportunities. It's not about whether they're stumbling; it's about how they keep moving ahead," said Artur Kirjakulov, co-founder of XPMarket.com.

The Coindesk article had also questioned the effectiveness of RippleNet, Ripple's cross-border payment network, claiming that there was no data to support its widespread use of XRP. Garlinghouse countered that the absence of public data did not invalidate RippleNet's success, as companies often prefer to keep their financial transactions confidential.

"We don't disclose our customers' usage data because it's their data, not ours. They're not going to share that," Garlinghouse said.

The controversy highlights the ongoing debate over the future of XRP and Ripple's role in the crypto landscape. While the SEC's lawsuit continues to cast a shadow over the company, Ripple's commitment to innovation and the support of its loyal community suggest that it is far from being irrelevant.