Ripple’s ODL Helps Drive Volume Through BTC Market Exchange, Providing Liquidity for Traders
- The BTC Markets exchange has reaped from on boarding Ripple’s XRP on their exchange. Australian Companies leveraging XRP’s cheap transactional fees for global remittances have increased their daily trading volumes.
Crypto exchange BTC Markets first onboarded XRP on their platform in 2018 during the short-lived ICO tide that swept around the same time. XRP has had a hand in boosting the growth of Australia’s biggest exchange as most struggled to keep the lights on post ICO era.
Caroline Bowler, BTC Markets CEO was confident that the XRP had a hand in their growth. She cited that several of the companies were seeking to utilize asset in facilitation borderless remittances thus boosting their exchanges daily trading volume figures. The BTC Markets launched in 2013 managing to thrive through the crypto revolution.
The XRP has been able to address the issues that may discourage international remittances. Significantly reducing the transactional costs, the tedious process (queuing and filling banking out forms) and the long period of time it took to get to its destination all associated with the legacy systems.
“XRP is a bridge between traditional financial institutions and the new world of fintech,” CEO Bowler remarked at XRP’s cheap transactional fees and single day settlements.
This has proven instrumental in boasting Australia’s business sector which is highly reliant on across the border money transfers to for payments to global suppliers.
Australia’s future with crypto
Australia has reputed itself on embracing Blockchain and crypto assets. This is according to a 2018 survey which reported at least 13.5% of Australians being digital assets investors. The Aussie government recently released a 50-page dossier dubbed ‘National Blockchain Roadmap’ explaining how their economy could reap from Blockchain tech within the next half decade.
RippleNet Increased presence in Asia Pacific region
Notably, RippleNet has significantly increased their presence in the Asia Pacific region. They have been onboarded by a number financial firms in the region as they look to leverage RippleNet’s vast reach boasting over 300 hundred partners globally.
TPBank of Vietnam has looked to RippleNet to streamline the cross border money transfers especially for Vietnamese citizens working in Japan sending funds back to their kin in Vietnam. They have collaborated with SBI remit yet another RippleNet partner in Japan to create an efficient Blockchain channel to facilitate the cross border payments between the two countries already recording billions of Yen in remittances.