Ripple Says XRP Remittance Volume Surging, Dollar Value of Crypto Transactions Up 234% Since Q4

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Ripple says enterprise use of its XRP-based remittance platform is on the rise.

In its quarterly report on XRP, the San Francisco-based fintech company says transaction volume and the dollar value of transactions on the network spiked in recent months.

“Customers continue to see the value of XRP through significant cost-savings by eliminating the need to pre-fund international accounts.

From Q4 2019 to Q1 2020, RippleNet’s On-Demand Liquidity (ODL) service tripled in transaction volume, and the dollar value transacted increased by more than 294%.”

Ripple, which owns half of the 100 billion XRP in existence, created ODL to give financial institutions an ecosystem for moving money across borders using cryptocurrency.

MoneyGram is the most high-profile user of ODL, and says it uses the product to move 10% of its transaction volume between the US and Mexico. Ripple and MoneyGram partnered in June of last year, and in November Ripple completed its purchase of a $50-million stake in the company.

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