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.
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