Ripple Hits New Success With XRP Amidst The Partnership With Bank Of America Hype
Ripple made waves in the community the other day when it’s been confirmed something that was much-awaited.
Ripple’s Swell conference turned out to bring some pretty interesting news.
During a presentation, there were revealed details that promoted Ripple’s partnership with Bank of America.
Brad Garlinghouse drops great news
According to the latest reports, Ripple CEO Brad Garlinghouse just said that one-fifth of all transactions on its global payments network RippleNet are now performed using XRP.
In a live stream event during Ripple Swell 2020, Garlinghouse dropped some updates about Ripple’s cross border payments network and ODL platform.
He said that XRP and ODL are vital for Ripple’s global expansion and the company’s success.
“In the three years that RippleNet has been live, we’ve done over two million transactions with a nominal value of over $7 billion. We have hundreds of customers. We’re seeing the greatest traction across Asia…” he said.
Ripple customers are interested in emerging markets
He continued and explained that “Now it’s also clear our customers are increasingly interested in emerging markets. This includes Latin America, Africa, and the Asia Pacific. I also think we all can agree some of these regions were largely abandoned by traditional correspondent banking over the last decade…”
Garlinghouse also pointed out the fact that “It’s also clear to me that XRP is the key behind RippleNet. Its speed, its scalability, and its low cost per transaction make it perfect for instant settlement and exchange of value. It was built for payments. It has real utility [and] that’s why it works.”
He highlighted that 20% of all transactions on RippleNet are using XRP or ODL, and they have a nominal value of about $2 billion.
Ripple’s CEO also addressed RippleNet’s customer Azimo’s use of the product ODL.
Check out the complete details about what he had to say in the YouTube video above.
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.
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.