Ripple's top executive explains hurdles companies may face while making gold-backed digital assets
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An X app user asked David Schwartz whether it is possible to create a digital asset backed by gold and make it not centralized. The Ripple CTO eagerly responded to that, saying that “it’s really hard to do.”Schwartz believes that rather than backing a crypto with gold, it is rather possible making it pegged to gold. If this is the case, the crypto asset would be “backed with tokens but overcollateralized.” Therefore, it would be not really backed by gold but “more like an algorithmic stablecoin.
Eventually, Ripple was ordered to pay $125 million instead of $2 billion. Initially, the Ripple team offered to pay $10 million but they agreed to the court’s decision. Aside from Garlinghouse, Ripple co-founder Chris Larsen also commented on this vital event for the company. Larsen tweeted that “The SEC's unhinged campaign against us is finally over” and also expressed hope that the war of U.S. regulators initiated against the cryptocurrency space is finished too. Yesterday, XRP skyrocketed by 25% on the news.Yuri is interested in technology and technical innovations. He has been writing about DLT and crypto since 2017.
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