Ripple CEO Says Coins Without Utility Will Disappear

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  • Ripple CEO says only utility-based crypto tokens will prosper in the future. 
  • He adds that tokens with no utility will eventually disappear. 
  • The firm is eager to kick-off its Ripple CBDC Innovate challenge.

The XRP community is abuzz on Twitter as a Ripple fan shares a video of Ripple CEO Brad Garlinghouse. The focus of the video clip is about how important utility in crypto tokens are to the CEO. 

In fact, from the video clip, we can see that Garlinghouse clearly mentions how he believes that only tokens with utility will prosper. More so, he says that crypto tokens without any solid utility will eventually disappear. 

To highlight, he says a “vast majority of tokens” will disappear simply because one cannot find a utility. For instance, he mentions Dogecoin (DOGE), a crypto with no utility and no remaining team behind the project. 

He also adds how the price of DOGE is often swayed by Elon Musk, and this market behavior is ultimately not healthy for the whole crypto industry. In other words, it seems the CEO believes that the hype for utility-less crypto will die down. 

Garlinghouse then shifts focus on how in the meantime, there are other good projects coming from true entrepreneurs within the industry. Therefore, we may soon see more utility-based tokens instead. 

Ripple themselves have been on quite the roll. Recently, the firm announced that they are opening a crypto hub in Toronto. Moreover, they are planning on hiring hundreds of incredible new talents in the region. 

To begin with, Ripple will start by hiring 50 engineers. Following that, they will look for talent in machine learning scientists, data scientists, and product managers. It is important to note that while many crypto firms are laying off their employees, Ripple is one of the few that is working to expand. 

In other Ripple news, the Ripple CBDC Innovate challenge is getting ready to kick-off. The initiative hopes to promote the building of applications for interoperability, financial inclusion, and retail CBDSs. 

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