Ripple’s XRP Remittance Volume, Boosted By 650% Last Year

Ripple had a successful 2019, and enthusiasts are foreseeing an even better 2020. The company promoted its products and made sure to boost the complete XRP ecosystem.

Ripple also promoted the mainstream adoption of XRP, and now, official reports are out, which show that the last year was a very prolific one.

An exponential rise in volume on ODL

Ripple reported an exponential rise in volume on its XRP-based remittance product known as ODL.

This is the On-Demand Liquidity, the product created by Ripple, which was formerly known as xRapid, and it’s powered by the digital asset XRP.

In its Q4 XRP Markets report, Ripple said that the amount of money flowing through ODL increased by 650% in 2019.

“In 2019, dollar value transacted through ODL increased more than a hundred times between Q1 and Q4, and specifically from Q3 to Q4, by 650%. The number of ODL transactions also increased by 390% from Q3 to Q4, showcasing high customer demand for leveraging digital assets, specifically XRP, in cross-border transactions.”

You may recall that Ripple launched ODL in October of 2018.

24 firms are currently using ODL

Since then, according to data coming from the online publication the Daily Hodl, 24 companies have signed up to use the platform, including MoneyGram, goLance, Viamericas, FlashFX, and Interbank.

ODL has been created to offer firms a legally-compliant way to move money across borders in an instant, at a low price, and with high security.

ODL works very easily: financial institutions are sending fiat currency to crypto exchanges that will convert the fiat to XRP.

After that, the crypto is sent to a corresponding exchange in a matter of seconds. There, the XRP will be turned back into fiat.

You should check out Ripple’s complete report for 2019 in order to find out more details on the company’s massive achievements.

In terms of pricing, XRP is trading in the red today, just like all the other coins in the market. We’re looking at a natural correction following the rally from last week.


Tags: