Ripple’s XRP-powered cross-border payments product sees significant year-over-year (YoY) growth in volume despite ongoing legal battle with US Securities and Exchange Commission (SEC) .
According to a new market report from Ripple, in the second quarter of 2022, the volume of payment products called On-Demand Liquidity (ODL) grew ninefold year-over-year.
The San Francisco-based payments company explains:
“Customers continue to expand their use of ODL for use cases beyond traditional remittances and individual payments, with financial flows and bulk payments accounting for more volume on the network.”
Second Quarter Report Shows Ripple’s ODL-Related Sales Hit $2.12 Billion XRP Worth Of XRP With Purchases Hit $1.717 Billion XRP Worth Of XRP, Net Sales Nearly $409 Million It is emphasized that it corresponds to
According to the company,
“Ripple continues to sell exclusively related to ODL, and these volumes have increased significantly as Ripple’s ODL business has grown globally. Ripple is a buyer of XRP in the secondary market and continues to gain momentum globally, we expect to continue to purchase at market prices in the future.”
Despite Ripple’s protracted standoff with the SEC, the company has successfully launched a series of international business partnerships.
Ripple recently partnered with FOMO Pay, a Singapore-based payment solutions provider. The company will use his ODL to improve cross-border financial flows.
In March, Ripple partnered with Lithuanian fintech company FINCI to facilitate cross-border money transfers using ODL.
Last September, the San Francisco-based company announced it would work with Bhutan to create a Central Bank Digital Currency (CBDC), and in November partnered with the Republic of Palau to develop a government-backed stablecoin. announced that it will facilitate cross-border remittances. .
XRP is trading at $0.37 at the time of writing.
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