In a series of tweets Ripple CTO, David Schwartz defended Ripple and said that they do not profit through XRP sales. Ripple has been facing criticism from the crypto community for dumping XRP in huge amounts to make profits, but David has denied such theories.
“Nobody buys XRP to give Ripple money to do things.”
Ripple CTO David Schwartz replied to the allegations of Ripple keeping the profits made by selling XRP, saying that nobody buys XRP to give Ripple money to do things. He added that they were VC/angel funded and were going to build regardless. He further added that Ripple started selling XRP only after there was a market price and for negligible amounts compared to our other funding.
“The primary purpose of XRP is to make Ripple money.”
Former Bitcoin Core developer Peter Todd also joined in the debate as he remarked that XRP is like almost all ICO coins it doesn’t need to exist and gives you no real rights to anything. It’s purpose is to make Ripple money by selling it to suckers, he added. However, David denied such claims as he replied that there was no ICO, and people do not buy XRP to give them money to build Ripple.