XRP is “fantastic” and “fills a big need” for moving money, says Arrington XRP Capital partner

Michael Arrington, a partner at the Arrington XRP Capital, recently spoke about the prevalent tribalism in the cryptocurrency space in an interview. While speaking about this, he also mentioned the advantages of using XRP to move money for the purposes of his hedge fund.

He began by calling the tribalism “insane” mentioning groups such as Bitcoin [BTC] maximalists to prove his point. However, he did state that all of these divided groups agree that “XRP sucks”, going on to say that he didn’t really understand why. He stated:

“[Ripple is] a legitimate company and they don’t pretend to be something they’re not and they’re really good at one thing, moving money fast and cheap. It’s fantastic, it fills a big need and for a hedge fund like us to be able to denominate in XRP.”

He went on to speak about the advantages of XRP for moving money, where the fund moved over $50 million in “like two seconds” and it cost just 30 cents. He went on to say:

“That is amazing. There’s no way to do that with Fiat or Bitcoin. There’s just no way to do it that fast and that cheaply and and so it serves a really useful need for us. There’s no three-day wait for international wires or one day wait for us wires we’re not paying wire fees.”

Arrington clarified that it was hard to understand, as it “does some things really well”. He also stated that he did not work for Ripple, and that they are not one of the fund’s partners. The manager also revealed that XRP made up less than 5% of their asset base as most of their investments are in “other things”.