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Ripple CEO says 2021 was the company’s strongest ever

Ripple CEO says 2021 was the company's strongest ever
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Brad Garlinghouse says 2021 was Ripple’s strongest year, with the adoption of the ODL offering despite the company facing a lawsuit from the SEC.

Brad Garlinghouse, CEO of Ripple, says that 2021 provided a watershed moment for the cryptocurrency industry. He believes that developments over the past year have seen cryptocurrency become more widely accepted, with billions of people getting the chance to join the global financial community.

Garlinghouse also notes that the year was the strongest on record for Ripple, even with negative sentiment surrounding the company in the wake of the SEC lawsuit.

Ripple’s CEO’s comments come as the broader cryptocurrency and blockchain space looks to build on the positives in 2021 as the market approaches 2022.

Incidentally, 2021 has seen an explosion in NFTs, a growth in DeFi, an increase in interest in the metaverse, and also talk of Web 3. It is also a year in which the US has indicated that it will not follow China in cracking down on bitcoin mining nor ban cryptocurrencies.

It has been amazing to see so much less “extremism”, and so many builders joining the industry.,” he Observed Via a series of comments shared on Twitter. He sees this as a positive for the entire ecosystem.

Saying that the year was Ripple’s best ever, Garlinghouse pointed to the fact that 25% of RippleNet’s dollar volume was generated via the XRP-based On Demand Liquidity (ODL) feature. The network also recorded a rise in ODL transactions, which he said increased 25 times compared to the stats from the third quarter of 2020. The number of transactions also grew by 130% on a quarterly basis.

Ripple has also seen significant expansion by entering new markets for its ODL features, with new offerings in key corridors such as Japan and the UAE.

Garlinghouse is one of the SEC’s harshest critics, and feels that the regulator is making the United States unattractive to crypto companies. He adds that while Web 2 has been a business for many US companies, the same may not happen with Web 3.

Here he questioned the SEC’s approach to regulatory issues, saying that it is a farce to continue referring to cryptocurrencies as the “wild west” when most players in the industry are bound by financial regulators around the world.

According to him, what the industry needs is regulatory clarity and consistency from enforcement agencies, while not penalizing companies for demanding the same from the relevant authorities.

Ripple has maintained that the SEC’s accusation that company executives were involved in illegal sales of the security token is an unfair classification of XRP, given the regulator’s view of Ethereum’s ETH.

XRP is currently trading around $0.96, an increase of about 18% over last week and more than 116% over a year ago. However, while many of its peers have rushed to new all-time highs in 2021, XRP peaked at around $1.96 in April and is down more than 55% from the ATH reached in early 2018.

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