Ripple Co-Founder Larsen Holds XRP Worth 7 Billion US Dollars – Criticism Grows
Ripple, the company behind the cryptocurrency XRP, is under increasing scrutiny, with particular focus on Chris Larsen. Larsen, a co-founder of Ripple, reportedly holds around 5.2 billion XRP, currently valued at about 7 billion US dollars as of today.
Larsen currently holds this significant amount of XRP in a private account. His substantial XRP holdings have attracted criticism from some who are concerned about the concentration of ownership and its potential impact on XRP’s price and market dynamics.
Ripple, which was founded in 2012, has faced accusations in the past of selling off substantial amounts of XRP to fund the company’s operations. This ongoing issue has raised questions about transparency and the centralization of XRP holdings.
The increasing criticism primarily revolves around worries related to security and control. It is not just Larsen but also Ripple itself that holds large amounts of XRP. For some skeptics, this concentration of XRP in the hands of a few presents systemic risks for the stability and independence of the cryptocurrency.
Ripple responds to these concerns by emphasizing its ongoing efforts towards decentralization and transparency. The company states that its ownership of XRP is partially used for charitable purposes and to promote the blockchain ecosystem.
Nevertheless, it remains clear that Ripple and its executives face the challenge of addressing growing concerns from both the market and regulatory bodies about the impact of their XRP holdings on market equilibrium.
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