Ripple: Corona virus pushes adoption of XRP and digital payments

  • Ripple CEO Brad Garlinghouse explained that digital payment options are especially important during the Corona crisis, as many people are in financial trouble
  • The global pandemic has further advanced the adoption of XRP and Ripple has recorded a growing transaction volume.

In a new episode, “The Ripple Drop”, CEO Brad Garlinghouse describes how the corona crisis has further increased the demand for easy and fast digital payment options:

In global payments, this digital process enables people to send money to loved ones around the world, instantly—a greater need, now more than ever.

He adds that companies such as MoneyGram as well as RippleNet users have seen an increase in transaction volume of more than 40% and Ripple Network members recognize the benefits of Ripple‘s payment solutions such as On-Demand Liquidity (ODL). In addition, central banks around the world are seeing the need to introduce a digital currency.

At the end of last year, the Bank of France concluded in a wide-ranging study that Ethereum (ETH) and Ripple (XRP) technologies could serve as the basis for a digital currency. A solution based on the Ethereum or Ripple Blockchain could enable end-to-end transactions using a tokenized central bank currency.

Ripple is currently working on expanding its presence in the Asian sector. By the end of this year, SBI Ripple Asia plans to go into production with the ODL payment solution, which will take up to 50% of Ripple’s total network volume:

I expect that ODL will probably move into widespread production this year and next year, and I expect that remittance companies whose growth has been restricted by pre-financing requirements will be much more flexible.

XUMM Banking App supports adaptation progress

The XUMM app, developed by XRP Labs under the leadership of Wietse Wind, was released earlier this year and offers all the features of traditional online banking. The app can manage Fiat currencies, contact information, balance information and transaction records. The app’s interface is intuitively structured so that even people without any technical knowledge can use it.

Recently, the XRP Check function was activated, which allows virtual checks to be issued on the XRP Ledger. The special feature is that a transaction is not fully completed until the receiver accepts the transaction from the sender. Ripple has also joined the Open Payments Coalition to introduce PayID as a universal payment identifier. This is intended to eliminate the need to memorize and copy account numbers and thus eliminate the need to send funds to the wrong addresses.

Despite these many new features, XRP has been performing at a rather average level over the last few months. Currently, XRP has grown by 1.34% in the last 24 hours.

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About Author

Please follow me on Twitter for deep analysis. Collin is a Bitcoin investor of the early hour and a long-time trader in the crypto and forex market. He's fascinated by the complex possibilities of blockchain technology and tries to make matter accessible to everyone. His reports focus on developments about the technology for different cryptocurrencies.

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