According to today’s announcement by Ripple itself, its blockchain enterprise solution, RippleNet, has exceeded more than 300 customers, which represents double-digit growth in one year.
A key point of this success is due, as the press release explains, to ODL (On-Demand Liquidity), a real bridge for the use of the digital asset XRP, which allows removing the pre-funding for cross-border payments.
This is obviously related to structures such as banks, which can boast a very large number of users, so the end-users who actually use this technology are far beyond the direct customers, such as goLance, Viamericas and others.
Ripple is therefore the fastest payment method in terms of growth, said Viamericas CEO Paul Dwyer:
“As one of the fastest growing money transmitters in the world, we understand the current challenges of sending money globally and look for operational efficiencies to make the process easier and more affordable for the people we serve. Last year, remittance flows were at an all time high at close to $600 billion, and have long been one of the largest sources of external financing in developing countries, of particular importance to low and middle income families. Ripple’s On-Demand Liquidity enables us to send real-time payments and lower payment costs, as we are able to manage our liquidity more efficiently.”
Considering also the nature of jobs in several countries that involve new applications for freelancers, the use of this technology is very interesting for cross-border payments, as goLance CEO Michael Brooks said:
“The freelance marketplace is growing dramatically as more companies are hiring talent, both domestic and overseas, to help grow their businesses. At goLance, we want to ensure that freelancers are paid on-time, with minimal fees. That’s why we’re partnering with Ripple. Through our partnership, goLance uses blockchain technology and XRP to address the current inefficiencies with cross-border payments by making transactions quicker, more reliable and cheaper. By lowering the cost of sending payments, goLance can put more money into the hands of the freelancers and improve their quality of life.”
The first launch of the ODL service was offered as a corridor between Mexico and the Philippines and will soon expand to Australia and Brazil.
In just one year the growth was incredible, especially in terms of customer growth, confirmed Ripple CEO, Brad Garlinghouse:
“This year has been our strongest for Ripple yet. In 2019 we’ve seen continued momentum with customers, growth of RippleNet and adoption of On-Demand Liquidity. In just a year since we launched ODL, we are already making an impact on the bottom line for our customers. We’re excited to continue this momentum into next year and for the expansion of ODL into new markets.”
MoneyGram, one of the largest money transfer companies in the world, will integrate ODL and this will allow putting traditional currencies in second place with respect to cryptocurrencies, as explained by MoneyGram CEO Alex Holmes:
“For the first time ever, we’re settling currencies in seconds, and because of these results, we’re expanding our partnership with Ripple and are excited to announce that we have started executing foreign currency trades with the Philippine peso using ODL.”
In the meantime, the value of the crypto has seen a reduced growth, but there remains the controversy over its decentralisation and the issue of the XRP owned by the Ripple company.