Californian FinTech firm Ripple has issued a progress report in which it tells us that there are now over 300 RippleNet customers (across 45 countries); a dozen of these are using xRapid, Ripple’s on-demand liquidity (ODL) solution, which uses the digital asset XRP as a bridge currency for cross-border, cross-currency fund transfers.
As CryptoGlobe previously reported, back in January 2019, Ripple said that it had acquired another 13 customers for RippleNet, its global payment network, bringing the total to over 200.
Well, now, less than a year later, Ripple’s blog post, published on the eve of Ripple’s Swell conference in Singapore (November 7–8), says that RippleNet now has over 300 members, and that there has been a “10x year-over-year growth in transactions on RippleNet.”
As for xRapid, Ripple’s ODL solution, it now has “two dozen” customers, including MoneyGram, goLance, Viamericas, FlashFX and Interbank Peru. Even more interestingly for fans of XRP (which powers xRapid), the number of transactions using xRapid have increased 7x from end of Q1 2019 to end of October 2019.
Here is some feedback from some of xRapid’s happy customers:
Michael Brooks, CEO of goLance:
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.
Paul Dwyer, CEO of Viamericas:
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.
Nicolas Steiger, CEO of FlashFX:
As one of the earliest adopters of Ripple’s On-Demand Liquidity, we’ve seen the benefits firsthand of the product and its potential to not only dramatically improve cross border payments for customers, but to also impact our bottom line. We’re excited to be at the forefront of using this technology and to help Australians save time and money when transferring money overseas.
The initial payment corridors served by xRapid were U.S. to Mexico and U.S. to the Philippines, but now xRapid’s use has expanded to Australia (and soon to Brazil). Ripple says that there are plans for “additional corridors across APAC, EMEA and LATAM are in progress for 2020.”
Brad Garlinghouse, CEO of Ripple, had this to say:
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.
Featured Image Courtesy of Ripple