RippleNet, according to Garlinghouse, has now done over 2 million transactions with a nominal value of over $7 billion. Ripple CEO, Brad Garlinghouse also disclosed that 20% of all transactions on RippleNet are now performed using the crypto asset XRP.
In a video stream event seen on Youtube, Ripple’s CEO disclosed a significant amount of upgrades on Ripple’s cross border payments network and its XRP-powered On-Demand Liquidity (ODL) platform.
“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… Now it’s also clear our customers are increasingly interested in emerging markets.
These include Latin America, Africa, and the Asian Pacific. I also think we all can agree some of these regions were largely abandoned by traditional correspondent banking over the last decade…
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.
- RippleNet is a network of institutional payment-providers that include banks and payment providers that use solutions developed by Ripple to provide a seamless experience to send money worldwide.
- RippleNet uses a leverage cutting-edge blockchain technology in streamlining payments services that help in reducing costs.
- It should also be added that On-Demand Liquidity (ODL), Ripple’s XRP-powered cross-border payments product, is available in the US, Mexico, Europe, the Philippines, and Australia.
Recall that some days ago, Nairametrics broke how Ripple, the fast-growing fintech juggernaut and owner of XRP, disclosed that its global payments network, RippleNet, was live in 55 countries including Nigeria, with XRP remittances live in five continents.
RippleNet also stated that its service offerings were available in 95 currency pairs, according to the fintech’s redesigned website.