Ripple Says XRP Remittance Volume Surging, Dollar Value of Crypto Transactions Up 234% Since Q4


Ripple says enterprise use of its XRP-based remittance platform is on the rise.

In its quarterly report on XRP, the San Francisco-based fintech company says transaction volume and the dollar value of transactions on the network spiked in recent months.

“Customers continue to see the value of XRP through significant cost-savings by eliminating the need to pre-fund international accounts.

From Q4 2019 to Q1 2020, RippleNet’s On-Demand Liquidity (ODL) service tripled in transaction volume, and the dollar value transacted increased by more than 294%.”

Ripple, which owns half of the 100 billion XRP in existence, created ODL to give financial institutions an ecosystem for moving money across borders using cryptocurrency.

MoneyGram is the most high-profile user of ODL, and says it uses the product to move 10% of its transaction volume between the US and Mexico. Ripple and MoneyGram partnered in June of last year, and in November Ripple completed its purchase of a $50-million stake in the company.

Check Latest News Headlines
Ripple Says XRP Remittance Volume Surging Dollar Value of Crypto - Ripple Says XRP Remittance Volume Surging, Dollar Value of Crypto Transactions Up 234% Since Q4

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Leave a comment

Your email address will not be published. Required fields are marked *