In a recent discussion with Ripple CEO Brad Garlinghouse and host Mike Butcher at the Techcrunch’s Disrupt conference in San Francisco, Michael Arrington, Founder of newly launched Arrington XRP Capital, said that he sought advice from Garlinghouse before formulating his new crypto fund.
During the discussion when Arrington was asked about why he chose XRP for his new crypto fund, he stated that he had two major reasons for the same – Brad Garlinghouse and the XRP token.
Speaking about the Ripple CEO, he said:
“I naturally went to Brad because we become very good friends. So not everybody knows this. But crunch was originally sold to AOL, and eventually became part of the Verizon behemoth because of Brad, because he was at AOL, wouldn’t have happened without him, he was the primary person that made that deal happen naturally, I’m his friend. “
Michael said that he liked Garlinghouse as a human being. The inclination towards his good friend made him ask for his advise. When Michael first approached him, Garlinghouse was already the CEO of Ripple and he would talk to him about the fund.
Arrington went on to elaborate his second reason for choosing XRP for Arrington XRP Capital. He said:
“XRP is a fantastic currency to use for, among other things, hedge funds, we need to move a lot of money very quickly, we make investments all over the world, our LPs come from all over the world. And using banks to move money is a pain”.
Arrington enthusiastically revealed that recently, with XRP, they were able to move 50 million in three seconds across countries. With a bank, it would have taken 2-3 days, he compared. Moreover, the transfer only charged 20 to 30 cents.
In conclusion, Michael stated that there are many traditional institutes that do the job but would incur an excessive charge that a user cannot cater to. He said:
“There are lots of startups – Transferwise, etc. That will do that kind of thing. But obviously, there are charges and obviously larger amounts that you can’t cater interjected.”
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