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Ripple has bought XRP for tens of millions of dollars in the past three months to power its cross-border payment product, On-Demand Liquidity (ODL).
In total, Ripple bought XRP for $ 45.55 million in the third quarter, up from zero in the second quarter.
The San Francisco-based startup bought XRP to support markets, as well as its new “Line of Credit” service, according to the company’s Q3 2020 report.
“This is a short-term product solution for the beta line of credit. In the longer term, Ripple is building new ODL capabilities to dynamically deliver XRP liquidity from the open market, not just Ripple. “
The Line of Credit service allows financial institutions and money service providers using ODL to borrow Ripple’s native currency for a one-time fee via an approval system that will reportedly move faster than financial options legacy.
In the Q3 report, Ripple says feedback on the new service has been “overwhelmingly positive”.
On the flip side, Ripple also sold a total of $ 81.39 million in XRP in the third quarter to support ODL, the Line of Credit service and “key infrastructure partners”. This increased from $ 32.55 million in sales in the second quarter. The company says,
“Last quarter, total XRP sales, net of purchases, were $ 35.84 million versus $ 32.55 million in the prior quarter.
Ripple has focused solely on its over-the-counter (OTC) sales and leases as part of providing increased XRP liquidity to select RippleNet ODL clients to enhance their ODL experience, eliminating the need for pre-financing and enabling global payments. instant. Similar to recent quarters, Ripple did not sell programmatically. “
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