Ripple continues to see one success after another. Its XRP-powered product has seen a rise of 800%. Check out the latest reports below.
Ripple’s product sees massive success
Ripple’s XRP-powered, cross-border payment product has seen a huge rise in volume year-on-year (YoY). This has been happening despite the company’s ongoing legal battle with the U.S. Securities and Exchange Commission (SEC).
In Q2 of 2022, the payment product called On-Demand Liquidity (ODL) had a 9x growth in volume YoY, according to a new market report from Ripple.
Ripple said the following about this huge success:
“Customers continued to expand the use of ODL for use cases beyond traditional remittances or individual payments, with treasury flows and bulk payments accounting for more volume on the network.”
As noted by the online publication the Daily Hodl, In the second quarter, the report highlights that Ripple’s ODL-related sales tallied to over $2.12 billion worth of XRP.
It’s also important to note the fact that the purchases amounted to $1.717 billion worth of XRP for net sales worth nearly $409 million.
Ripple continued and said the following:
“Ripple has continued to engage in sales solely related to ODL and these volumes have ramped up substantially as Ripple’s ODL business expanded globally. Ripple has been a buyer of XRP in the secondary market and expects to continue to undertake purchases at future market prices as ODL continues to gain global momentum.”
Ripple reveals new partnership
Not too long ago, it’s been reported that Ripple saw an important partnership.
According to the new reports coming from the online publication the Daily Hodl, Singapore-based payment solution provider is going to use the On-Demand Liquidity (ODL), Ripple’s XRP-powered cross-border payment product.
FOMO Pay will use ODL to improve its cross-border treasury flows, according to a new press release from Ripple.
This is a firm that was founded in 2015, and it aims to use the cross-border payment product to get constant access to liquidity for the euro and dollar in order to facilitate same-day settlements.
In order to learn more details about this, make sure to check out our recent article.