Ripple gets commitment from “100+” companies via production contracts
Chris Larsen, Ripple co-founder in a California based conference has unveiled that it has signed product contracts with "100+" companies. Larsen, who also happens to be the executive chairman, attended the Crypto Finance Conference at Half Moon Bay. At the conference, the graphic representation at the background of Ripple co-founder suggests that more than 100 companies have associated themselves with it.
Two reasons for companies to sign production contracts
The companies' act of signing production contracts implies two significant aspects . Firstly, the organisations are ready to test the technology of. Secondly, they show their commitment towards integrating and incorporating on a commercial basis the products of Ripple in the upcoming times.
The software solutions designed by Ripple are fundamentally directed towards reducing the transaction cost and also to enhance the tracking and the speed. XRP finds its application in xRapid, a cryptocurrency based solution meant to make cross-border transaction better.
Brad Garlinghouse, the CEO of Ripple has previously commented that each week it is signing a production contract, in an average, with one bank. In his words, “It’s been an incredible 2018 for us. We’re now signing up one bank to a production contract per week. We announced that we signed the largest bank in Kuwait, the National Bank of Kuwait, so if [Ripple] continues to build momentum and the dynamic there is the network effect. He has further stated, "The more participants, the more value in joining. So we’re seeing that momentum build.”
At present, 60% of total XRP supply is owned by Ripple. On considering the performance of its native token XRP in the crypto market space, coinmarketcap suggests that it occupies the third position in the cryptocurrency ranking list. The current valuation of the token is marked at $0.28 with a market cap of $11.27 billion. The trading volume in the last 24 hours is $415.76 million and the total supply in the market is 39.65 billion.
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