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Ripple CEO claims to sign over 30 deals a quarter with financial institutions for blockchain payments

Yogita Khatri

Brad Garlinghouse, chief executive officer of blockchain payments firm Ripple, has said that the company signs more than 30 deals per quarter with financial institutions.

A source present at The Information’s annual subscriber summit on Thursday told The Block about Garlinghouse's remarks. The Information, however, in a report quoted the CEO saying that Ripple signs 30 deal a week, which is not accurate, said The Block's source. A Ripple spokesperson also separately confirmed to The Block that the company signs "2-3 deals a week."

According to The Information's report, Garlinghouse further implied that Ripple has a current valuation of around $305 million as the company has this much amount as cash in a bank. “We don’t need to raise capital,” he added.

Ripple also currently owns around $15 billion worth of its native cryptocurrency XRP, according to Garlinghouse.

Earlier this month, when Ripple partnered with fintech firm Finastra for blockchain payments via its RippleNet network, it said it has partnerships with over 200 financial institutions globally.

In The Information's report, Garlinghouse also commented on Facebook-led stablecoin project Libra, saying that the project would not have witnessed intense pushback had it been led by another company, such as PayPal. “I think Facebook did not appreciate the trust deficit they had,” he said.

UPDATE: This story has been updated to include a comment from a source who was present at the summit and a Ripple spokesperson.