In an interview with CNBC yesterday, Ripple’s CEO, Brad Garlinghouse stated that Ripple was signing on 1 partner approximately every week. This comes after Ripple signed one of Kuwait’s biggest banks, the National Bank of Kuwait as a partner yesterday.
It is important to note that with the number of pilot results and announcements coming out for partnerships with Ripple, many institutions are prevented from disclosing information due to Non-Disclosure Agreements.
Therefore, it is possible that Ripple’s products are being used more widely than the announcements would imply. Moreover, the CEO did not mention for which products the banks and financial institutions signed on. Brad also mentioned that they signed 20+ financial institutions over Q1, saying:
“Its been an incredible 2018 for us, we signed more than one bank to production contract per week…the dynamic there is there is a network effect, the more participants the more value in joining.”
This would come up to an average of 1.5 new contracts every week, leading to speculation from the Ripple community as to the level of adoption they can expect.
User GarretJax on Reddit said:
“So, in Q1 Ripple signed an average of 1.5 production contracts a week. Keeping that pace Ripple will have 80 production contracts by EOY 2018. I expect the pace to increase though and Ripple signing 100+ production contracts by EOY.”
User killthenoise said:
“Ripple leadership has been flying around Asia and cutting checks (to the tune of $30-$50M) to massive game developers to get Ripple solidified as an in-game currency.”
User David Simmons on Twitter said:
“So, more than one a week, just like we were told at the beginning of the year. The sceptics can’t be sceptical forever”
On Ripple’s ideologies, Garlinghouse has been very clear that Ripple is looking to work with regulators to offer an opportunity to solve problems in the financial sector. Moreover, increased regulatory fire by the SEC and other regulatory authorities have left institutional investors with cold feet. On this, he said:
“From the earliest days Ripple staked out a space that said were not anti-government…we’re trying to work with the system. Blockchain revolution can happen with the system”
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