While FTX’s sudden collapse continues to fuel uncertainty among the world’s crypto investors, some industry representatives believe that the cryptosphere could emerge stronger from the turmoil. This is according to Brad Garlinghouse, the CEO of US blockchain company Ripple Labs, who has also announced major updates.
“As I said on stage – I firmly believe that crypto will be stronger because of this if we keep focusing on transparency and trust. Ripple has and will continue to lead in this regard,” Garlinghouse said in a tweet, making a reference to his remarks at this year’s edition of the annual Ripple Swell conference.
The executive also used the opportunity to share some of the company’s latest achievements from Ripple’s growth strategy.
“We’ve processed $30B in payments on RippleNet (both fiat and crypto),” Garlinghouse said.
Earlier this week, Ripple announced on-demand liquidity (ODL) customer momentum in a number of new locations, including Africa, Argentina, Belgium, and Israel, “as well as current fiat-based RippleNet customers upgrading to ODL in Australia, Brazil, Singapore, the UAE, the UK and the US.”
“The company continues to improve liquidity management solutions by adding advanced Machine Learning capabilities to the product, which uses XRP for instant settlement of payments, allowing it to fulfill customers’ on-demand liquidity needs at the optimal cost,” the firm said.
The CEO’s tweet has spurred numerous positive reactions from users, some of which emphasized the need for responsible and transparent behavior by executives of major crypto businesses.
“It’s the only way to do good business and have such a huge flow of business opportunities! Keep up the great work, and being the example to the Crypto space on how a CEO is supposed to carry themselves!” tweeted user Tubby Captain.
Meanwhile, in another installment of Ripple’s legal woes with the US securities regulator, earlier this month, the Securities and Exchange Commission (SEC) requested that the deadline for filing all brief answers in support of the company be extended until November 30, 2022. The SEC has also asked that any additional Amicus Briefs be submitted by November 11.
As Judge Torres granted the regulator’s request to extend the deadline for all parties to file reply briefs, XRP users could have to wait until the first quarter of 2023 for the lawsuit to be resolved.
The company’s legal woes with the SEC have long cast a shadow over Ripple’s expansion plans. The American regulator’s case against the firm is centered on the accusation that its token is an unregistered security. The agency has also been trying to extend the accusation to its executives, as demonstrated by the SEC’s attempts to secure the personal financial records of Garlinghouse and Ripple’s Executive Chairman, Chris Larsen.