Galaxy Digital CEO Mike Novogratz Bullish On XRP And ADA
Being among the earliest entries in the crypto market, coupled with their utility, Novogratz stated that it would be hard for new projects to emulate or surpass the success of XRP and ADA.
- Galaxy Digital CEO Mike Novogratz sees more growth in both XRP and ADA.
- Being among the earliest entries in the crypto market, coupled with their utility, he stated that it would be hard for new market players to emulate or surpass their strong following and success.
Mike Novogratz, CEO and Founder of Galaxy Digital, recently shared his thoughts about XRP and Cardano (ADA). In a podcast discussion at the Galaxy Brain podcast with Dan Morehead, CEO of Pantera Capital, he revealed that the strong utility and community support of the digital assets provide distinct advantages in their long-term potential.
The Galaxy Digital CEO noted that there are now around 11.6 million different tokens in the crypto ecosystem. With that, new entrants are having a hard time establishing a solid community.
Being among the earliest players in the cryptocurrency sector, Novogratz believes XRP and ADA are already pillars of the industry. Thus, they have left an indelible mark and loyal user base that could not be easily buried or emulated by today’s saturated market.
Along the way, Novogratz joked that if he were to introduce his own token called “Novo Coin,” it would be tough making it stand out. He claimed that even celebrities with large followers now struggle to hype or market their tokens.
Amid the growing maturity of the crypto market, it’s hard to make just about any token relevant nowadays without a strong use case or utility. However, XRP and ADA, besides their community reinforcement, each boasts a unique value proposition in their respective fields.
Value Propositions of XRP and ADA
The XRP Ledger (XRPL) is now enjoying rising institutional adoption as many companies are recognizing its advantages in providing near-instant and cheaper cross-border payment solutions through Ripple and the associated Ripple USD (RLUSD) stablecoin. Meanwhile, Cardano has been equally making great strides in delivering blockchain-based identity and credentials solutions in addition to its non-fungible token (NFT), script, and smart contracts optimization tools.
Moreover, their chains have proven capable of handling large transaction volumes, especially during high network traffic conditions. Both could process over a thousand transactions per second (TPS).
Ripple CEO Brad Garlinghouse previously presented a case wherein a single ledger in XRPL peaked with 1,316 TPS. On the other hand, Cardano was able to handle 1 million TPS during a virtual gaming tournament via the Hydra Layer-2 solution—setting a new benchmark in blockchain technology.
Giancarlo is an economist by profession with a career spanning nearly two decades. His professional journey has seen him assume vital roles in various government and private organizations such as the Department of the Interior and Local Government (DILG), the National Economic and Development Authority (NEDA), Megaworld Corporation, and the China Banking Corporation in the Republic of the Philippines. In addition to his civic and corporate pursuits, his forward-thinking approach has led him to manage several prominent websites in the banking and finance sector, notably the Australia-based RateChoice, where he immersed himself in the world of emerging financial technologies and where he found particular interest in Bitcoin all the way back to 2013. Prior to his addition to Blockzeit’s dynamic team, he held an essential role as Project Manager for initiatives encompassing blockchain, stablecoin, mining, special economic zone development, and iGaming. This noteworthy chapter in his career unfolded under the auspices of InPlan Consultancy Services, Inc., the think-tank of IMPERO Consortium Management Corporation headquartered in Manila, Philippines, and Tokyo, Japan. InPlan, led by a distinguished retired Cabinet member of the Philippines, collaborates directly with IMPERO's core management team, contributing to strategic planning and business development endeavors.
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