Ripple CEO Hints at Next Crucial Step For XRP Institutional Adoption

Like several other digital assets, XRP has seen its rate of institutional adoption improve significantly. While this milestone is worthy of applause, San Francisco-based blockchain payment firm Ripple is already making plans to increase its traction. 

Ripple Seeks Advancement Beyond Decentralized Identifiers 

According to Brad Garlinghouse, CEO of Ripple, privacy is the next stage for XRP’s institutional adoption. 

This line of thought was shared on X by a prominent XRP Ledger contributor, who is largely known online as Vet. Apparently, he had a conversation with Ripple’s chief executive on this subject, and he shared a photo of both of them as proof. 

To several members of the XRP Ledger community, this statement from Garlinghouse is the final gap in the ecosystem. 

Before now, Ripple had come up with decentralized identifiers (DID), on-chain credentials, and permissioned domains. These are all designed to bring compliance into the ecosystem, a move that will drive growth for the network. 

Brad Garlinghouse Pursues a Privacy Layer for XRP 

Apart from the aforementioned upgrades and improvements, the network also supports multipurpose tokens (MPTs), which are utilized for efficient tokenization. 

This is in addition to a native DEX that combines AMM liquidity with an order book. At this time, all that is left is a privacy layer, Ripple developers and leaders noted.

This privacy, which will include lending and borrowing functions under proposal XLS-66, has nothing to do with evading regulators’ oversight but a movement to secure users’ funds. 

Based on the said proposal XLS-66, institutions can use tokenized Real-world Assets (RWA) as collateral, while also keeping balances and transfers confidential with zero-knowledge proofs (ZKPs) keep balances. 

XRP Records Increased Institutional Adoption 

In the same vein of increasing institutional adoption, VivoPower International raised $19 million capital to strengthen its XRP-focused treasury strategy. 

It is equally a move to broaden its reach into the Ripple ecosystem. The fund was secured through an equity offering priced at $6.05 per share, representing a 34% premium over the prior day’s closing price of $4.50. 

On one hand, the broader cryptocurrency market is waiting for the US Securities and Exchange Commission (SEC) to make a decision on the spot XRP ETF applications on its table. Quite a number of applicants including Grayscale, expect to receive a response this October.