RippleNET Completed Over $2.4B Worth of Transactions In 2020: CEO Brad Garlinghouse
- RippleNET records over 5X growth in the number of transactions on the platform.
- Over $2 billion in transactional value completed on Ripple’s ODL platform in the past year.
RippleNET is vastly growing globally, although the court battles its parent company, Ripple Inc., is facing from the U.S Securities and Exchanges Commission (SEC), a blog post from Ripple Inc.’s CEO, Brad Garlinghouse reads. Across 2020, RippleNET completed over 3 million transactions, representing a 5X volume growth compared to 2019.
Notably, RippleNET’s On-Demand Liquidity (ODL) platform also witnessed a colossal 12X year-on-year surge in transactional volume growth, completing a total of $2.4 billion worth of transactions in the past year.
The growth of RippleNET seems not to be deterred by the ongoing lawsuit filed by the SEC against Ripple despite a couple of crypto exchanges delisting or halting the trading of XRP. Following SEC’s lawsuit on December 22, RippleNET added 15 new customers to its ranks, closing out the year at an average of 2 clients joining the company per week, Brad wrote on his post.
Regulatory Uncertainty Driving RippleNET to Asian Markets
The US regulators' hostilities could be pushing the blockchain firm to look for friendlier overseas markets like Asia and Europe, as previously reported. So far, most of Ripple’s customers are located overseas, and the largest volume is transacted outside the U.S due to the regulatory uncertainty locally. This has seen Asian-Pacific banks charge Ripple payment networks, including SBI Holdings and Australian fintech firm, Novatti.
“An increasing demand for digital financial services and payments interoperability in the Asia Pacific (APAC) is further propelling the adoption of RippleNet amongst the region’s many SMEs, fintech, and PSPs.”
According to the report, the payments network witnessed an 80% year-on-year growth in customer acquisition in the APAC region in 2020. Retail and institutional demand of RippleNET’s ODL also soared in the region, registering an impressive 1700% growth in transactional volumes completed on the network.
A Developmental Milestone Reached
Ripple X, a developer toolkit provided by Ripple, also witnessed huge growth over the past year, with 12 million customers now using the services to build atop the XRP Ledger (XRPL) and Interledger Protocol. RippleX also added over 40+ partners to its network, including Flare Networks, Coli, BitPay, and Forte.
Adding to the impressive network milestones, Ripple also acquired a host of new employees from top firms across the globe in 2020, including Devraj Varadhan (SVP of Engineering), Pete Webb (VP of Platform & Technical Operations), Gap Kim (VP of Marketing), Stan Wilson (VP of Business Development), Mariel Kelley (VP of People), Vidya Mani (VP of RippleNet Engineering) and Mark Johnson (VP of Sales).