Billionaire Mike Novogratz has acknowledged an unexpected fact about his affiliation with Ripple Labs. Responding to an XRP community member’s speculation, “Mr. Huber,” Novogratz revealed his involvement with Ripple, claiming that he was a day-one investor and has not sold any of his shares in the last ten years.
The Galaxy Digital CEO made the statement in reaction to Mr. Huber’s suggestion that Novogratz may have acquired insider information regarding former SEC official William Hinman’s contentious speech. However, Novogratz indicated unequivocally that he has never spoken to or spoken with William Hinman about SEC problems.
Read Also: Galaxy Digital CEO Mike Novogratz Speaks On When Bitcoin and Other Crypto Would Bounce Back
In the tweet that has since been deleted, Novogratz noted that the only person he recalls communicating with concerning SEC problems was Ripple CEO Brad Garlinghouse, who was visiting the SEC regularly.
Mike Novogratz tweeted, “The only person I remember speaking to about SEC matters was Brad Garlinghouse who was visiting them pretty regularly. Have been a day-one investor in Ripple Labs and have not sold any of my shares in the past ten years.”
The disclosure is interesting given that Novogratz has previously criticized XRP, claiming that “one group owns far too much of it.” Furthermore, Novogratz once chastised the XRP price increase for not making much sense in his opinion.
It is important to understand, however, that XRP and Ripple are two separate entities. Ripple is a fintech business that develops worldwide payment technologies, while XRP is the digital asset it majorly distributes.
Novogratz’s clarification may assist to dispel rumors and develop a better understanding of Ripple’s interactions with industry players and authorities. Novogratz may be revealing insights into how Ripple talks with regulators about cryptocurrency regulation by stressing his correspondence with Ripple CEO over SEC concerns.
Read Also: XRP Army Draws Connection Between Ripple And IMF as It Announces Plans for CBDC Platform
Novogratz’s Investment in Ripple May Increase Investor Confidence in the Fintech Firm
Billionaire Mike Novogratz’s statement that he was a day-one investor in Ripple Labs and has held his shares for the past 10 years may boost investor confidence in the fintech startup.
Despite his prior criticism of XRP, Novogratz’s investment in Ripple Labs demonstrates his belief in the company’s fundamental technology and growth potential. Novogratz is a well-known entrepreneur and investor who co-founded Fortress Investment Group and Galaxy Digital. His participation in Ripple Labs may serve as a signal to other investors that the fintech firm is a viable investment option in the digital asset market.
Furthermore, his clarification on his relationship with Ripple and SEC problems may provide insight into how fintech companies interact with regulators on cryptocurrency regulation issues. This level of transparency and interaction may foster the continued development and use of cryptocurrencies and blockchain technology.
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