- Ripple is stepping up its efforts on XRP, with the Asia-Pacific region having the most pull.
- Cash on demand and XRP transactions account for approximately 20% of all transactions on RippleNet.
During the keynote speech at this year’s Swell conference, Ripple CEO Brad Garlinghouse highlighted the company’s commitment to the XRP token as the “key behind RippleNet.” It revealed that in the three years that RippleNet has been active, over two million transactions have been completed with a face value of over $ 7 billion.
XRP and ODL were used in approximately 20% of all transactions and had a face value of approximately $ 2 billion. According to Garlinghouse, XRP and ODL are key to Ripple’s global expansion and long-term success.
It is also clear to me that XRP is the key behind RippleNet. Its speed, scalability and low cost per transaction make it perfect for instant settlement and value exchange. It was built for payments. It has a real usefulness; that’s why it works.
Using XRP we launched On Demand Liquidity about two years ago. Actually in Swell 2 years ago. […] Today we have over 2 dozen clients including MoneyGram, SendFriend, Azimo, Flash FX to name a few. These are customers who use liquidity on demand in production.
Ripple’s CEO also revealed that the company has the most attractive power in Asia. As Garlinghouse explained, much of RippleNet’s volume, both sending and receiving, comes from the Asia Pacific region. He further said that Ripple’s customers are increasingly interested in emerging markets. These include Latin America, Africa and the Asia-Pacific region.
In general, these are regions that have been “largely abandoned” by the traditional correspondent banking system over the past decade. One highlight in terms of liquidity on demand, which Garlinghouse particularly highlighted, was Azimo. Commenting on the ODL partner and looking back to 2020, Ripple’s CEO said:
Azimo, who has spoken publicly about some of their experiences, said it is saving between 30% and 50% when arranging currency transfers between customers in the Philippines and those in the UK and Europe using on-demand liquidity. So I think we can say unreservedly 2020 has been a huge year for ODL and we continue to see rapid growth as we enter the second half of 2020. So we’re excited about this interest from customers, we’re excited about quarantined customers too see a real value from this.
Garlinghouse also spoke about the Line of Credit (LOC) product announced last week, saying it will help companies massively scale on-demand liquidity and grow their business. With LOC, Ripple took a step into the world of financial services to facilitate the adoption of XRP:
It really helps high calorie companies because they no longer need to have separate credit agreements in different countries around the world. […] Instead, they can invest further in their business and can allow repayment at a later time. This is the evolution of RippleNet. We are doubling down on XRP and offering financial services on top of the net. The core of our business remains cross-border payments. We are using digital assets to solve what is clearly a very large problem measured at around $ 10 trillion globally.
With more than 500 employees now and the recent renovation, Ripple is better equipped than ever to face the future, Garlinghouse said:
I am very confident that we have the best possible team to carry Ripple forward. With these new streamlined business units I mentioned, RippleNet and RippleX, Ripple is definitely evolving but our DNA remains the same. […] We will continue to be builders and not disruptors. […] As others in this industry continued to consolidate or lay off employees, we were able to grow, adding over 50 people during the quarantine alone.