Ripple

Ripple Reports Doubled Transaction Volume in Q3 Report

The Ripple management reported unprecedented growth because of its on-demand liquidity services that span numerous countries. 

Despite its current lawsuit against the Securities and Exchange Commission, Ripple saw its transactions double in volume, with a 130% increase in ODL transactions. 

This 130% increase is from the company’s decision to remove pre-funding to decrease future operational costs while increasing cross-border capital. 

Ripple’s ODL services allow its users to transfer payments to third parties without any hassle, even to the point of transferring their funds directly from their cryptocurrency wallet. 

Ripple also managed to establish relationships between different financial institutions around the world. For example, Ripple’s partnership with SBI Remit allowed the company to use RippleNet to eliminate pre-funded accounts from their business model. 

Ripple also partnered with the Royal Monetary Authority of Bhutan for a CBDC pilot. 

Customers also used the crypto’s liquidity feature for treasury payments, supporting larger volume payments for internal treasury operations. 

According to the quarterly report, Ripple allowed its customers to send money to over 20 countries worldwide. 

Ripple asserted the coin’s potential despite its lawsuit in the United States. Ripple also disclosed its $250 investment in a Creator Fund. 

Ripple intends to use this investment to support creators, brands, and influencers to explore non-fungible tokens in XRP. According to Ripple, its exploration in the NFT sphere offset the losses incurred in the case against the Securities and Exchange Commission. 

Furthermore, the company also intends to include federated sidechains to the XRP Ledger Mainnet. 

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Gaurav Roy

Gaurav is an expert when it comes to Cryptocurrency, writing for some of the biggest Cryptocurrency websites out there.

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