Ripple Kick-Starts Swell Event With ‘Strongest’ Year Yet, ‘Tremendous Growth’ & Plans For 2020

  • Ripple surpasses 300 customers, RippleNet recording 10x YoY growth
  • ODL that leverages XRP registers “tremendous growth and customer interest”
  • “The network is stronger than ever, and momentum behind ODL is only beginning”: Brad Garlinghouse
  • MoneyGram now executing foreign currency trades with the Philippine peso using ODL
  • Additional corridors across APAC, LATAM, and EMEA are in progress for 2020

Ripple kick-started its Swift event with the announcement of its customers’ list surpassing 300.

Given the company has had 200 customers for well over a year now, this increase is indeed “thrilling.” Ripple’s global network of banks, financial institutions and payment providers RippleNet also recorded 10x year-over-year growth in transactions.

Ripple’s another product, On-Demand Liquidity (ODL), previously known as xRapid, that leverages the digital asset XRP, has seen “tremendous growth and customer interest” in this past one year since its launch in 2018’s annual conference Swell.

Ripple CEO Brad Grlingosue shared the excitement on Twitter,

MoneyGram Now Using ODL in Philippine

Two dozen customers have already signed on to use the product with some of the notable ones including MoneyGram, Viamericas, Interbank Peru, FlashFX, and goLance.

In its official statement, the company announced,

“more than 7x the number of transactions using ODL from the end of Q1 to the end of October.”

Through ODL’s ability to process faster transactions at low cost while goLance is empowering the freelance marketplace and Viamericas remittance flows, FlashFX is helping Australians save money and time.

As for MoneyGram, after seeing the product’s potential to streamline its back- end capabilities, they are now expanding this partnership.

“(We) are excited to announce that we have started executing foreign currency trades with the Philippine peso using ODL,”

said Alex Holmes, MoneyGram’s CEO.

Ripple’s Plan for 2020

ODl’s first payment corridors were launched in Mexico and the Philippines and have now expanded to Australia with Brazil coming soon.

For 2020, Ripple’s plans for additional corridors across APAC, LATAM, and EMEA are in progress.

“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,”

said Garlinghouse.

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