The voices surround Ripple and XRP since a questionable article on the "hostile takover" appeared on the Web. According to the article, a company called Valor will take over the top 10 cryptographic coins. Dan Primack is the author of the article, which was initially published on axios.com and has aroused much panic and discussion. To fix everything, he was called by the CTO and CEO of Ripple for his writing.
The article claims that Valor, led by an unknown entrepreneur Vishal Harpalani, plans to hire XRP by creating a "fork" or "clone" of XRP by raising "tens of millions" of dollars for short XRP. When the Ripple token is definitively written down completely, Valor will offer XRP holders to exchange their XRPs on Valor digital assets at a rate of 1: 1. According to the article:
"The value would redistribute extra Valor to its community and incentivize owners to exchange even more of their now-devalued XRP, basically to force a capital flight."
In response to such a bold statement, Brad Garlinghouse, Ripple's CEO, wrote on his Twitter:
"Dan Primack wants to sell snake oil, are there any buyers out there? It is the media's responsibility to help the encrypted industry understand what the substance is, or not, instead of propagating obvious attempts to manipulate I wonder when the media coverage of the sector will be mature enough. "
He also referred to the fact that such an acquisition is ridiculous, as technically impossible, as well as economically senseless:
"This is ridiculous.A hostile takeover of XRP Ledger is not technically feasible nor does the plan make economic sense.You can not make a" hostile "takeover of XRP Ledger because unlike the bitcoin where anyone controls majority mining or Proof of Stake where anyone owns the majority coins, CHECK the network, in XRP you have to convert CONVERSCE majority users.There is a choice. "
Valor was initially found 13 months ago by Vishal Harpalani, who had previously worked with Ripple Flight Ventures investors for a period of three years. Based on the basic information of the company, Valor plans to collaborate with mobile operators and portfolios that conduct business with underbanked, helping Valor obtain network effects, as well as reducing the costs of switching from fiat to crypto.
Ripple, despite all the rumors, continues to gain popularity among financial institutions around the world, starting a successful collaboration after the other. This month has already collaborated with Australian FlashFX and with Euro Exim in London. Both financial institutions are trying to integrate XRP-based xRapid technology. The XRP token itself continues to be the second cryptocurrency in the world after Bitcoin.
For more information on the XRP currency, the Ripple company and their innovative solutions, check out our fantastic guide.