Ripple: growing numbers in 2020, despite the SEC
Ripple: growing numbers in 2020, despite the SEC

Ripple: growing numbers in 2020, despite the SEC

By Eleonora Spagnolo - 28 Jan 2021

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Ripple’s 2020 has been a successful year. This is what CEO Brad Garlinghouse claims. 

Indeed, despite the lawsuit with the SEC, Ripple is confident that 2021 will be even better. Brad Garlinghouse said: 

“We ended the year strong and with the new administration and SEC leadership expected to be confirmed in the coming months — I feel well prepared and confident that we have the right team here at Ripple and ingredients in place to make 2021 even more successful than last year”.

Ripple’s numbers in 2020

The fact that 2020 was a year of growth for Ripple is reflected in the numbers. Over 3 billion transactions were processed on RippleNet, 5 times more than in 2019, with a total value of $2.4 billion

The number of customers (institutional ones of course) has also grown, with contracts closed at the rate of 2 per week, worldwide. Indeed, the CEO points out that even after news of the lawsuit with the SEC spread, 15 new partners joined Ripple. The most prolific area is Asia Pacific, where, says the CEO, just a few weeks ago the latest agreement with Mobile Money was made official. 

The Line of Credit service has also been launched, allowing ODL customers to obtain instant cross-border payments using XRP.

About XRP

Ripple is building an ecosystem where at the centre is XRP, Ripple’s token (the focus of the SEC dispute). Contributing to this development are Ledger XRP and Ripple X, as well as the XRP Ledger Foundation. One of the possible innovations to which Ripple wants to contribute is the spread of digital state currencies. To this end, the company is working with the central banks with which it is developing XRPL:

“protocols that support the direct exchange of CBDCs on XRPL, using XRP as a bridge currency”.

The CEO of Ripple says that today, RippleX reaches 12 million users through XRPL and the Interledger protocol, and works with more than 40 companies that support the utility of XRP, with over 100 projects currently using XRPL.

A look ahead to 2021

Ripple has already started to tackle 2021. It can count on a respectable team, bringing together people with experience in the world’s biggest fintech companies, such as Apple, PayPal, Amazon, Tesla and Twitter. Brad Garlinghouse cites: 

  • Devraj Varadhan (SVP of Engineering), 
  • Pete Webb (VP of Platform & Technical Operations), 
  • Gap Kim (VP of Marketing), 
  • Stan Wilson (VP of Business Development), 
  • Mariel Kelley (VP of People), 
  • Vidya Mani (VP of RippleNet Engineering), 
  • Mark Johnson (VP of Sales). 

They are joined by Sandie O’Connor, the former Chief Regulatory Affairs Officer of JPMorgan Chase, who is on the board to provide advice, particularly on changes to US regulation. 

Brad Garlinghouse concludes:

“While the company – and crypto industry – has faced some turbulent times, one thing remains constant: Ripple is fully dedicated to our vision, the Internet of Value, serving our customers and partners, and pushing for the regulatory clarity that the industry needs”.

Eleonora Spagnolo

Journalist passionate about the web and the digital world. She graduated with honours in Multimedia Publishing at the University La Sapienza in Rome and completed a master's degree in Web and Social Media Marketing.

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