A senior officer at Ripple, Asheesh Birla, recently revealed that the company’s leading product, XRP-based payments platform called On-Demand Liquidity (ODL), processed billions of dollars in transactional volume for 2020.
Birla, via his Twitter feed, disclosed that RippleNet, Ripple’s institutional payment-providers network, had an impressive showing last year as it powered around 3 million transactions while opening its services to 18 new countries and signing 15 new deals amid growing regulatory challenges facing the company on its token XRP.
READ: Ripple adds Bank of America to payment network
“All things considered, Ripple had a pretty incredible year in 2020. In my 7+ years at Ripple, I remain insanely proud of what this team has achieved, and I’m bullish on where we’re going. Diving deeper specifically on RippleNet.
“We processed ~3M transactions on RN in 2020, and ODL is rapidly growing. ODL transactions accounted for $2.4B in notional value. We planted the RN flag in 18 new countries and signed 15 deals AFTER the SEC complaint was made public,” Birla said.
READ: Ripple plans to bring XRP ledger to central banks
All things considered, Ripple had a pretty incredible year in 2020. In my 7+ years at Ripple, I remain insanely proud of what this team has achieved, and I’m bullish on where we’re going. Diving deeper specifically on RippleNet… 1/8 https://t.co/6LDpqTofJ7
— Asheesh Birla (@ashgoblue) January 25, 2021
What you should know: The XRP Ledger (XRPL) is an open-source, decentralized blockchain technology that provides significant benefits for banks such as scalability, speed, and cost.
- Financial institutions using it today leverage XRPL for its ability to fully settle transactions for fractions of a penny and in just 3-5 seconds—faster than any other major blockchain.
- Built for payments, XRPL can also be used to support the issuance of stablecoins with a unique, fungible token functionality called Issued Currencies.
- Issued Currencies is designed to be the ideal stablecoin platform, providing simple but rich management functionality for the issuer that makes it easy to create, issue, and manage any asset—including stablecoin.
READ: XRP drops 14% over lawsuit from U.S Securities and Exchange Commission
Ripple CEO, Brad Garlinghouse, also boasted about the company’s achievements despite its ongoing legal tussle with America’s powerful financial regulator.
“By the numbers, RippleNet had a banner year. In 2020, we processed nearly 3 million transactions over RippleNet – this is nearly 5X volume growth compared to 2019. On-Demand Liquidity continues to grow and scale – we experienced 12x year over year growth, and transactions in 2020 had a notional value of ~$2.4 Billion.
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“Customer interest globally remains very strong – the team continued to close new customer deals at a rate of two per week, across more than 40 countries.”
“To continue driving fresh innovation in crypto – and interoperability in payments – we’re focused on tackling central bank digital currencies (CBDCs) as the future of fiat. Key to this will be our ongoing work with central banks and developing protocols that support the direct exchange of CBDCs on XRPL, using XRP as a bridge currency,” said Brad Garlinghouse
