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Ripple CEO Brad Garlinghouse says that one fifth of all transactions on the global payment network RippleNet are now handled using cryptocurrency XRP.
Ripple CEO: One fifth of all transactions on RippleNet are now using XRP!
During Ripple's "Swell 2020" event, Brad Garlinghouse presented a series of updates on Ripple's cross-border payment network and the XRP-backed On Demand Liquidity (ODL) platform. Brad Garlinghouse says XRP and ODL are crucial to Ripple's global expansion and long-term success. Ripple's CEO adds:
IN THE THREE YEARS OF RIPPLENET'S LAUNCH, WE HAVE MADE MORE THAN TWO MILLION TRANSACTIONS WITH A NOMINAL VALUE OF OVER $ 7 BILLION. WE HAVE HUNDREDS OF CUSTOMERS. WE'RE SEEING THE GREATEST INTEREST IN ASIA… IT IS NOW CLEAR THAT OUR CUSTOMERS ARE INCREASINGLY INTERESTED IN EMERGING MARKETS. THIS INCLUDES LATIN AMERICA, AFRICA AND ASIA PACIFIC. ALSO, I THINK WE ALL AGREE THAT SOME OF THESE REGIONS HAVE BEEN LARGELY ABANDONED BY TRADITIONAL CORRESPONDENT BANKING IN THE PAST DECADE… RIPPLEIT IS ALSO CLEAR TO ME THAT THE KEY BEHIND NET IS XRP. ITS SPEED, SCALABILITY AND LOW COST PER TRANSACTION MAKE IT PERFECT FOR INSTANT PAYMENTS AND VALUE EXCHANGE. BUILT FOR PAYMENTS. IT HAS A REAL BENEFIT AND THAT'S WHY IT WORKS. WE LAUNCHED ON DEMAND LIQUIDITY ABOUT TWO YEARS AGO USING XRP… NOW IF YOU LOOK AT RIPPLENET AS A WHOLE, ABOUT 20% OF ALL TRANSACTIONS ON RIPPLENET ARE USING XRP OR ODL, AND THEIR NOMINAL VALUE IS AROUND $ 2 BILLION.
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Brad Garlinghouse: 2020 has been a huge year for On Demand Liquidity!
Ripple CEO #Brad #Garlinghouse also highlights #RippleNet client Azimo's use of #ODL. Ripple's CEO adds:
REVEALING SOME OF HIS EXPERIENCE TO THE PUBLIC, AZIMO SAID THAT THEY SAVE 30% TO 50% WHEN ARRANGING MONEY TRANSFERS USING ODL BETWEEN CUSTOMERS IN THE PHILIPPINES AND CUSTOMERS IN THE UK AND EUROPE ... I THINK WE CAN SAY WITHOUT IT 2020 HAS BEEN A HUGE YEAR FOR ODL AND FAST AS 2020 ENDS WE CONTINUE TO SEE A GROWTH. THAT'S WHY WE ARE EXCITED ABOUT THIS INTEREST FROM CUSTOMERS, AND WE ARE EXCITED THAT CUSTOMERS SEE REAL VALUE IN QUARANTINE.
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Ripple announces launch of new Line of Credit (#LOC) product
Last week, Ripple announced the launch of its new Line of Credit (LOC) product that allows ODL customers to leverage XRP for their transactions. Brad Garlinghouse says the product reflects the company's view that XRP is the future of RippleNet. Ripple's CEO adds:
WITH LOC, OUR CUSTOMERS NO LONGER NEED TO USE THEIR CAPITAL ON HAND TO FACILITATE CROSS-BORDER PAYMENTS WITH THEIR CUSTOMERS. INSTEAD, THEY CAN INVEST MORE IN THEIR BUSINESS AND ENABLE REPAYMENT AT A LATER DATE. THIS IS RIPPLENET'S EVOLUTION. WE'RE DOUBLING XRP… WE'RE USING DIGITAL ASSETS TO SOLVE AN ENORMOUS PROBLEM GLOBALLY MEASURED AT AROUND $ 10 TRILLION.