Ripple And XRP Enterprise Adoption Is Surging, Boosting Trading Volume
Ripple has been working really hard to boost the XRP ecosystem, but also to push the mainstream adoption of XRP.
Ripple’s Brad Garlinghouse has been saying a lot of times that there are most important issues about a project that simply the coin’s price: he pointed to adoption and use cases as two of the main elements we should be looking at in a project.
XRP is really successful in this direction, even though its price has not been making too impressive moves in 2019 and this year as well.
Speaking of the coin’s price, at the moment of writing this article, XRP is trading in the green and the coin is priced at $0.197433.
More companies are using Ripple and XRP
An increasing number of companies are using Ripple and XRP in order to send money across borders, says Australia’s leading crypto exchange BTC Markets.
The exchange teamed up with Ripple back in 2019, and this made it the very first application for the company’s crypto-based remittance platform ODL which facilitates cross-border transactions using XRP.
A new source of trading volume
BTC Markets CEO, Caroline Bowler, explained that this partnership managed to create a brand new source of trading volume on the exchange, and this is driven by businesses.
“Companies are using the asset to make more effective cross-border payments. This use case is a real differentiator to other digital assets…” she said as cited by the Daily Hodl.
She continued and explained that “Using XRP to cut transaction fees and make same-day payments brings real benefits and fixes the problems of the existing system. XRP is a bridge between traditional financial institutions and the new world of fintech.”
She also addressed ODL and said that the businesses that use XRP for fast and cheap cross-border transactions are driving volume via the exchange, and this is a unique thing in the crypto markets, which gives them an advantage.
Garlinghouse is both the CEO and Chairman of Ripple Labs. This year, Ripple surpassed 300 partners, including over 115 banks worldwide. Having launched On-Demand Liquidity (ODL) for cross-border payments, Ripple now has more than 20 partners using XRP for ODL, including Moneygram, Western Union, and American Express.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.