TechCrunch Founder: Sending $50 Million in Ripple’s XRP Took 3 Seconds, Cost 30 Cents
TechCrunch founder Michael Arrington says XRP is by far the best way to move money from one end of the world to another.
“So we wanted to actually be the first hedge fund to denominate ourselves not in dollars or some other fiat currency but in an actual cryptocurrency. We know XRP is the best for that because – look, it’s a little bit more centralized than, say, Bitcoin. It has its detractors. A lot of people in the US dislike it. But if you need to move some money very cheaply and very quickly, there’s nothing better than XRP.
When you need to actually get down and move money from our LPs to us, from us to our companies, from us back to our LPs – when we hopefully make money for them – it’s just fantastic.”
Arrington says his company’s first deal involved a transfer of $50 million. XRP facilitated the transfer with huge cost and time savings over traditional ways of moving money.
“Our very first closing was over $50 million, and we moved that money in 3 seconds, and it cost like 20 or 30 cents to move that $50 or something million dollars. Bitcoin and Ether can’t compare to that.”
The average Bitcoin fee jumped to a high of $54.90 in December, according to BitInfoCharts. That number has since dropped down to $0.55.
Arrington says the firm is currently holding more Bitcoin than any other currency.