A Forbes article on Ripple's multibillion-dollar sales of XRP through a key Malaysian partner, Tranglo, was published less than 24 hours ago, but it has already made a lot of noise in the community. Self-proclaimed "CEO of XRP" Tiffany Hayden, a prominent supporter of the token, also commented on the controversial details about Ripple's business.
Among the key talking points in the article, Hayden highlighted how Ripple encourages ODL partners, like Tranglo as one of the largest, to transact with XRP.
According to the article, Ripple is giving its partners XRP so that they can offer transfers via XRP with a reduced fee. In this way, the crypto company manages to circumvent the indirect sale of XRP. It appears that through ODL, Ripple lends XRP to its partners at Tranglo, which in turn sells the cryptocurrency on an exchange and gives the loan back in cash, Hayden reasons.
She then questions why Ripple is not offering a discount to all of its customers if it is reimbursing Tranglo and other partners for charging lower fees for XRP transactions.
At the same time, as Ripple CTO David Schwartz himself responded to such speculation, he believes that the cryptocurrency company's goal is precisely to make XRP as widespread as possible. If Ripple is lucky, it will make money from it and be able to sustain that activity, Schwartz said.
At least in my view, Ripple was created to distribute XRP as broadly as possible and, with luck and if necessary, be able to generate enough revenue from sales (or things like sales) of XRP to sustain its operations.
— David "JoelKatz" Schwartz (@JoelKatz) April 19, 2023
According to XRPL Services, there is currently 42.5 billion XRP locked in Ripple escrow accounts.
Tomiwabold Olajide
Arman Shirinyan
Godfrey Benjamin