Crypto firm Ripple has revealed that it is exploring new ways to use XRP within its multi-asset brokerage. This comes as the company’s CEO, Brad Garlinghouse, reassured the community that XRP is central to everything the company does.
Ripple Looking At Ways To Utilize XRP On Prime Broker
In an X post, the company’s president, Monica Long, stated that Ripple Prime is exploring several ways to use XRP, with RLUSD already serving as collateral for several brokerage products. This came as she noted that the opportunities at the brokerage firm are expansive and that the future ahead is “mighty bright.”
As CoinGape reported, Ripple has completed the $1.25 billion acquisition of the prime broker Hidden Road and rebranded the firm to ‘Ripple Prime.’ Furthermore, the company stated, as part of the announcement, that its foundational digital asset infrastructure, including the use of XRP, will complement the services offered by its prime broker.
Meanwhile, as the firm explores new use cases for XRP, CEO Brad Garlinghouse has reassured the community that the token remains central to their operations. He said in an X post that XRP sits at the center of everything they do, even as they continue to build solutions for creating an “Internet of Value.”
The XRP price has risen following these statements from Ripple executives. CoinMarketCap data shows that the altcoin is up over 4% today, trading at around $2.60. XRP has also recorded these gains as treasury firm Evernorth, which Ripple backs, has increased its holdings to $1 billion.
Source: CoinMarketCap; XRP Daily ChartCrypto Pundit Calls Out Conflicting Claims
Crypto pundit Fishy Catfish called out the conflicting claims between Ripple’s official announcement and executives’ statements. The pundit noted that the Hidden Road announcement centered around RLUSD while claiming that Garlinghouse was using a “faux-hype snake oil salesman tactics” to bring XRP into the picture.
Fishy Catfish also stated that Long’s statement was simply her admitting that XRP “is a murky question mark” in any of their plans for their prime broker. This came as pro-XRP lawyer Bill Morgan urged the XRP community to ignore the FUD sparked by questions about what evidence there is that Ripple Prime will use or give XRP utility beyond the statements from the Ripple executives.
The legal expert further assured that the utility that these acquisitions will bring to XRP will emerge in time, although not today. Notably, the crypto firm recently acquired GTreasury for $1 billion, a move that Morgan also believes will boost XRP’s use case.
Source: https://coingape.com/ripple-explores-new-xrp-use-cases-as-brad-garlinghouse-reaffirms-tokens-central-role/
