Ripple CEO Brad Garlinghouse announced at the company’s Swell event that 1 in 5 transactions on RippleNet, which is used by hundreds of companies around the world, are carried out using XRP. Garlinghouse said this amounts to $ 2 billion in nominal terms.
Ripple CEO Brad Garlinghouse said that 1/5 of transactions on the global payment network RippleNet are now handled using XRP, the company’s cryptocurrency.
Speaking during a live broadcast at the firm’s Swell event, Garlinghouse shared some developments on Ripple’s cross-border payments network and the XRP-powered Liquidity on Demand (ODL) platform.
Saying that XRP and ODL are vital to Ripple’s global growth and the company’s long-term success, Garlinghouse said:
“Latin America, Africa and the Pacific coasts of Asia …”
“In these 3 years of RippleNet’s life, we have made 2 million transactions with a nominal value of over 7 billion dollars. We are the most popular company in Asia. It is a fact that our customers have a great interest in emerging markets. The regions where these markets are located are Latin America, Africa and the pacific coasts of Asia… It is obvious that these regions are also excluded and prohibited by the traditional banking system.
“The speed, scalability and usefulness of XRP …”
“On the other hand, I think XRP is also the key behind RippleNet. I think it is a near-perfect asset with its speed, scalability, low fee structure in instant transfers and value change features. A cryptocurrency for payments and useful. That’s why it is used by everyone. ”
“We launched Liquidity On Demand (ODL) 2 years ago using XRP. If you look at RippleNet as a whole, you will see that 20 percent of the transactions here are made using XRP or over ODL. This equates to a nominal value of $ 2 billion ”
Garlinghouse also touched on the use of ODL by Azimo, a RippleNet customer:
“Azimo, who shared his company’s experience publicly, stated that they saved 30 to 50 percent by using ODL in money transfers from the Philippines to the UK and Europe. I think 2020 has been a great year for ODL and the rapid growth continues as we approach the end of the year. I can say that we are very happy with this interest of our customers. It was great to get a lot of attention from our customers, even during the quarantine days. ”
Ripple announced last week the launch of its new Line of Credit (LoC) product that allows ODL customers to leverage XRP for their transactions. Garlinghouse said that this product reflects the company’s vision and that XRP is the future of RippleNet:
“With LoC, our customers no longer have to spend their capital to make cross-border payments. By holding this money, they can focus more on their own business and pay later. This is the evolution of RippleNet. We are doubling our investment in XRP. We are using digital assets to solve a major problem reported to be around $ 10 trillion globally ”