Group behind XRP cryptocurrency says it has signed up more than 100 customers
The head of Ripple, one of the biggest blockchain companies, has said its $15bn of cryptocurrency reserves could be used to acquire or partner with rivals, as it seeks to dominate its fast-moving sector within financial technology.
Brad Garlinghouse, chief executive of Ripple, said the California-based company had “moved out of the sandbox” after signing up more than 100 customers, many of which were now using its blockchain technology to move large sums of money across borders.
Blockchain is an electronic record keeping system that uses cryptography to create verifiable histories of transactions. It is a core component of cryptocurrencies such as bitcoin and Ripple’s own XRP.
“This is not a science experiment, it is about using real money for real customers,” Mr Garlinghouse told the Financial Times. “There are a lot of blockchain tourists out there who are kicking the tyres, but we are well beyond that.”