During an interview in Korea with Block in Press, Michael Arrington, the Founder of Techcrunch and the Partner Arrington XRP Capital said that XRP is better than Bitcoin [BTC] and Ethereum [ETH] in terms of transactions.
The founder of Techcrunch first introduced himself to the Korean cryptocurrency enthusiast, after which he spoke about Arrington XRP Capital. The company is a $100 million hedge fund and invests only in cryptocurrency related entities. He further states that most of the deals the company is doing turn out in Asia particularly China and Korea.
He said that the Korean market is a “little bit opaque for westerns”. Although it is easier to visit, sometimes it is hard to do business in the country. The firm is looking for ways to do more deals in Korea. He further said that the country’s 40% white collar workers own cryptocurrencies and that no other place in the world has that kind of ownership. This means that people can try new things in the country and get network effects going easier than any other place in the world.
Michael Arrington further explains the reason why the hedge fund firm chose XRP as primary cryptocurrency for their fund. He said that since they are a crypto-focused hedge fund, they wanted to be the first hedge fund firm to dominate in cryptocurrency and not in USD or other fiat currencies.
“We thought, in fact, we know XRP is the best for that first hedge fund firm to dominate in cryptocurrency not because it’s not it’s a little bit more centralized than say Bitcoin and it has detractors and a lot of people in the U.S just like it. And if you need to move some money like very quickly and very cheaply there’s nothing better than XRP”
Michael stated that the company’s first closing was about $50 million in the U.S. They moved the money within 3 seconds and the cost of the transaction was about 20 cents to 30 cents. He further said:
“Bitcoin and Ether can’t compete with that and its fantastic for that.”
The hedge fund partner also adds that XRP is not the only currency held by the company. In fact, the firm holds more Bitcoin [BTC] than any other cryptocurrency present in the market.
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