A hostile takeover of the cryptocurrency XRP is reportedly being planned by an initiative known as Valor. The $14bn XRP is majority-owned by Ripple, a venture-capital backed firm. Ripple has been working with several banks to develop its own digital currency and recently announced that it had raised $400m in funding from investors including Goldman Sachs, JPMorgan Chase & Co (JPM), Nas@@ It would then encourage more XRP holders to swap their tokens by offering extra Valor to its community. The concept highlights the growing rift between those committed to crypto's decentralisation ethos, and those who accept firms such as Ripple.
A hostile takeover of the cryptocurrency XRP is reportedly being planned by an initiative known as Valor. The $14bn XRP is majority-owned by Ripple, a venture-capital backed firm. Valor is said to be raising funds to short XRP, then create a fork via which holders of the devalued cryptocurrency could receive a Valor token for each XRP token. It would then encourage more XRP holders to swap their tokens by offering extra Valor to its community. The concept highlights the growing rift between those committed to crypto's decentralisation ethos, and those who accept firms such as Ripple.