Ripple reaches milestone: 300 partners and XRP volume increase

  • Ripple has announced that the three hundredth partnership was completed yesterday, marking a historic milestone.
  • Furthermore, as many transactions with XRP were carried out this October as the whole of last year.

The positive news around Ripple is not abating. Ripple invests in innovative projects like the Vega Protocol and takes over smart companies like Strata Labs. The adaptation of XRP is being promoted in various industries. Ripple has always given high priority to the diversification of XRP applications. Ripple’s native token is designed to transfer more than just values from one end of the world to the other.

Ripple reaches another milestone: RippleNet counts 300 partners

Ripple has announced in a new press release that RippleNet has grown stronger than ever this year and now has 300 cooperation partners. Brad Garlinghouse, CEO of Ripple, said at the current Swell conference in Singapore that his company has strongly promoted the development and deployment of On-Demand Liquidity (ODL) services, effectively promoting the adoption of XRP:

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

Ripple has cooperation partners in more than 45 countries on 6 continents who use RippleNet and have access to payment options in over 70 countries. Recent partners include Faysal Bank in Pakistan, bKash in Bangladesh, QNB in Kata and Finastra in the UK.

Garlinghouse is particularly proud of its partnership with MoneyGram as it is one of the largest money transfer companies in the world. According to Ripple, it took less than a month to set it up. MoneyGram began sending payments to Mexico and the USA. Since the company was very pleased with the result, another payment corridor was opened with the Philippines.

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Strong increase in transaction volume since last year

The more companies use ODL, the greater the increase in transaction volume. Garlinghouse announced during the Swell Conference that in October 2019 more transactions were processed than in the full year 2018 (freely translated):

We’re seeing 10x growth on a year over year basis, RippleNet saw more transactions in October than we did in all of 2018

This growth is also reflected in Ripple’s efforts to establish new cooperations and to be represented in various financial markets.

In recent years, XRP’s price has risen sharply prior to the Swell Conference as many investors have expected big news. This development has so far failed to materialize. XRP has seen a downtrend (- 4.55%) to a price of USD 0.2889 in the last 24 hours.

About Author

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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