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Ripple Reports Doubled Transaction Volume in Q3 Report

Gaurav Roy by Gaurav Roy
November 1, 2021
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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
Tags: Ripple announcement todayRipple balance sheetRipple financial statementsRipple revenue 2020XRP price
Gaurav Roy

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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XRP News – Keeping You Up To Date With All Things XRP & Ripple

In the rapidly evolving world of digital finance, XRP stands out as a pioneering force, reshaping the landscape of cryptocurrency and blockchain technology. As a core product of Ripple Labs, XRP is not just a digital currency; it’s a breakthrough in how we perceive and engage with global financial transactions. This article delves into the essence of XRP, exploring its distinctive features and the reasons behind its growing popularity.

Unmatched Transaction Speed

One of the most compelling attributes of XRP is its unparalleled transaction speed. In a world where traditional banking can take days to process cross-border payments, XRP offers a stark contrast with its ability to settle transactions in mere seconds. This efficiency is a game-changer for both individuals and businesses, ensuring that funds are transferred quickly and seamlessly around the globe.

Low Transaction Costs

Another significant advantage of XRP is its incredibly low transaction fees. Compared to other major cryptocurrencies and traditional banking methods, XRP stands out for its cost-effectiveness. This feature makes it an attractive option for micropayments and regular international transfers, offering a more affordable solution for everyday transactions.

Scalability and Sustainability

Scalability is a critical factor in the cryptocurrency world, and XRP excels in this aspect. Designed to handle a large volume of transactions without compromising speed or cost, XRP is well-equipped to meet the demands of a growing digital economy. Additionally, its consensus protocol is less energy-intensive than the traditional proof-of-work used by many cryptocurrencies, making XRP a more environmentally sustainable choice.

Broadening Financial Access

XRP is not just a tool for efficient transactions; it’s a catalyst for financial inclusion. By simplifying and reducing the cost of cross-border payments, XRP has the potential to open up global markets to individuals and businesses who previously found these transactions prohibitively expensive or complex. This democratization of financial services is a cornerstone of XRP’s vision.

The Ripple Effect

Ripple Labs, the company behind XRP, is continually expanding its partnerships with financial institutions worldwide. These collaborations are not only a testament to the reliability and practicality of XRP but also a driver for its adoption in mainstream finance. As more banks and payment providers integrate XRP into their systems, its impact and relevance continue to grow.

A Community of Innovators

The XRP community is a vibrant and dynamic force, comprising developers, entrepreneurs, and enthusiasts. This community is at the forefront of exploring new use cases for XRP, pushing the boundaries of what’s possible in the realms of digital payments and blockchain technology.

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