Confirmed: Ripple Reveals It Has Now Signed More Than 100 Production Contracts
The co-founder and executive chairman of Ripple Chris Larsen has revealed the company now has more than 100 production contracts signed and ready to go.
The news comes via a new image of Larsen, who is a featured speaker at the Crypto Finance Conference in Half Moon Bay, California. The backdrop graphic behind Larson depicts some of the “100+” companies that have signed on with Ripple.
This essentially means those companies are not just testing Ripple’s technology, but are also firmly committed to commercially integrating one or more of Ripple’s products in the future.
Ripple has a suite of software solutions designed to help financial institutions improve the speed, tracking and lower the cost of transactions. The cryptocurrency XRP is used in xRapid, which is Ripple’s crypto-centered solution for improving cross-border payments.
Ripple CEO Brad Garlinghouse has previously stated that the company is signing up an average of one bank to a production contract per week.
“It’s been an incredible 2018 for us. We’re now signing up one bank to a production contract per week. We announced that we signed the largest bank in Kuwait, the National Bank of Kuwait, so if [Ripple] continues to build momentum and the dynamic there is the network effect.
The more participants, the more value in joining. So we’re seeing that momentum build.”
Ripple currently owns 60% of the total supply of XRP, with 91% of that investment locked in escrow.