Ripple CEO Brad Garlinghouse says the San Francisco startup has dramatically reduced the amount of XRP it’s selling over-the-counter.
In an interview with Anthony Pompliano, Garlinghouse says the company has determined institutions now have plenty of ways to buy XRP and don’t need help from Ripple.
“We have all but stopped the OTC sales. We just tell them to go to the market nowadays. I think Q1 was around $170 million in over-the-counter XRP sales. Q2 was around $250 million. Q3 will be dramatically lower…
We basically have stopped all OTC in large part because there’s enough liquidity out there in the market. You can go to the market and get it. There’s a lot of very successful OTC desks and we refer people to those OTC desks. Or, you can go in and buy it on an exchange. It depends on the size.”
Garlinghouse says the company continues to sell XRP programmatically on crypto exchanges.
Each day, Ripple calculates the total amount of XRP sold across all exchanges based on volume data from CryptoCompare.
It then sells 10 basis points of that total volume, or 0.10%, of its own XRP.
“One of the things that we actually agree with is, we try to have a constructive way to engage the market by saying, ‘We’re going to sell OTC and we’re going to sell programmatically at 10 basis points of daily market activity’…
Every day Ripple is 10 basis points of the overall XRP volume. If there’s $100 million worth of daily volume before Ripple does anything, Ripple would be $100,000 in sales.
99.9% of all XRP trading, we have nothing to do with.”
Ripple will release its new quarterly market report in the next couple of weeks, which will reveal exactly how much the company sold over-the-counter and programmatically.
You can check out the full interview here.