RATE Group | This Trader Sees No Value in Ripple and Its Cryptocurrency XRP
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This Trader Sees No Value in Ripple and Its Cryptocurrency XRP

22 Dec This Trader Sees No Value in Ripple and Its Cryptocurrency XRP

Posted at 23:12h in Cryptocurrency News by

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Ripple, a company behind XRP cryptocurrency, became a $10 billion blockchain giant after raising $200 million in a funding round earlier this month. But according to one prominent trader, the San Francisco firm has no value.

Tone Vays, a former Wall Street trader and vice president of JP Morgan Chase, criticized Ripple for sucking value out of the XRP cryptocurrency. The analyst said that Ripple is actively selling millions of dollars worth of XRP tokens to fund its operations. He added that Ripple has a “ridiculous financial advantage” over startups that generate operational liquidity by legal means.

“The Ripple token now – more or less – act as a security of the Ripple corporation,” said Mr. Vays. “It was launched illegally; it was launched without compliance. And I think the people who created it should be held accountable.”

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