Crypto Lending Platform Dharma Clarifies It Doesn’t Use Xpring or Other XRP-Related Products
The San Francisco-based crypto-lending platform Dharma has responded to questions surrounding its relationship with Xpring, following the controversy that has been brewing between Ripple and the XRP community.
Ripple’s XRP Controversy
Earlier in the week, a flurry of debate began surrounding the negative impact of Ripple selling XRP to clients, which many in the cryptocurrency community view to be detrimental to the coin’s value. On Aug. 26, Twitter user CryptoBitlord proposed a hard fork of XRP to avoid the ongoing situation,
Community backlash ensued, with some XRP investors supporting the fork and outrage towards Ripple. Brad Garlinghouse, CEO of the blockchain-based startup, took to twitter to defend Ripple’s XRP sales as a benefit to the cryptocurrency’s growth and development.
Garlinghouse included Dharma in the list of businesses supported by XRP sales,
Dharma Labs is one of the companies funded by Xpring, an investing initiative designed by Ripple to incubate and support crypto-projects. However, community members began to further question the relationship between Dharma and Ripple, in particular, whether the lending platform utilizing the XRP token.
Dharma took to Twitter in the aftermath of Garlinghouse’s comment, explaining that while Xpring is an investor for the project, the lending platform does not utilize any XRP-based features,
While Dharma may have cleared the air with Xpring, it now has some community members questioning why a project funded by a Ripple incubator is not using XRP.