Ripple’s former developer denies that XRP will soon be limited to institutional payments

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Matt Hamilton, a former main supporter of Ripple’s developers, has dismissed claims that XRP will soon be available exclusively for institutional payments.

Matt Hamilton, who was once a Principal Developer Advocate at Ripple Labs, has denied increasingly circulating claims that XRP – Ripple’s native token – will soon be available only for institutional payments, eliminating an option for retail transactions. .

Hamilton’s comments came in response to claims made by the official Twitter account of a recently launched XRPL token dubbed XRPayNet. The handle highlighted Ripple’s model of repurchasing XRP tokens from the market, stating that the company plans to limit the use of XRP to institutional payments in the future.

XRPayNet said they intend to close the gap when Ripple ultimately decides to make XRP available exclusively for institutional payments. “We are entering where they could exit the market”, they said.

In response, Hamilton immediately rejected the claim that XRP will soon be limited to institutional payments, pointing out that anyone making such claims intends to “mislead” the public.

‘The XRP Ledger is without authorization. You can build whatever you want on it. You can use XRP for whatever you want. Anyone who says “XRP will only be used for institutions” is deceiving people, ‘ Hamilton noted in a tweet Thursday.

Ripple has faced criticism due to the high percentage of XRP tokens in circulation within its reserves. However, in XRP’s third quarter markets report, Ripple revealed which now holds less than 50% of the XRP in circulation for the first time.

The XRP Ledger remains one of the most used blockchain networks available. Numerous public and private entities have exploited its features to encourage rapid, low-cost cross-border settlements.

Several banks, such as Thailand’s Siam Commercial Bank, Santander Bank in the US, Bank of America and PNC Bank in America, have partnered with Ripple to use XRP and XRPL. This wave of institutional adoption has fueled the misconception that Ripple can move towards a purely institutional business model.

As part of its growing model of institutional partnerships last month, Ripple collaborated with the Swedish money transfer service Xbaht AB and the Paris-based payment solution Lemonway to introduce its ODL solution in the Swedish and French markets.

Also, in September, Ripple format a partnership with San Francisco-based design consultancy btrax, as the design agency launched its Web3 Design Lab to drive innovation in new commercial establishments in Japan.

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