Ripple’s Xpring Is Now Targeting The $5 Trillion A Day FX Market
- “Proud” of xRapid’s growth supported by 100 people within Ripple
- MoneyGram running ODL in “exotic markets”
- “XRP has progressed more than 99% of crypto to this day” – Trader Credible Crypto
- Xpring is for “all developers over all currencies”
While Swell 2019 has come to an end, Ripples is not done sharing its big plans for the future.
During the meet up in Japan, Warren Paul Anderson, Product Manager at Ripple dropped major news when he shared that the company’s focus is on the FX market that moves $5 trillion a day, in comparison to the cryptocurrency market valued at just two billion dollars.
Anderson said that the company is “proud” of the growth its product xRapid, now known as On-Demand Liquidity (ODL) that uses the digital asset XRP to source liquidity on-demand and avoid pre-funding, has seen with “over 100 people that are supporting it within Ripple.”
The product is also used by the likes of MoneyGram to expand their business. Recently, Ripple’s global head of banking Marjan Delatinne stated that MoneyGram is already running ODL in “exotic markets” like Mexico and Thailand and registering “a great efficiency decrease in the costs.”
Xpring’s Target is Bigger than the $2 Billion Crypto Market
Talking about its investment arm, Xpring, Anderson said that it is an open platform for money.
Xpring has invested in over 20 companies a cumulative sum of over $500 million to boost XRP adoption, shared Ethan Beard, SVP of Xpring in July, this year.
“Xpring is not just for blockchain developers it is for all developers overall currencies, Xpring is focused on the $5 trillion a day FX market, compared to the $2 billion a day crypto market,”
During the Swell 2019 event, Ripple also announced its new product RippleNet Home that allows the companies and banks in the network to connect with each other and get access to potential opportunities.
Also, it has been revealed that Ripple’s customers have surpassed the 300-mark. Meanwhile, the third-largest cryptocurrency XRP is back at $0.273, as per Coincodex.
However, trader Credible Crypto believes in the digital as he tweeted,
Nice thread that pretty much sums it up. It has become the “in” thing to talk trash about $XRP. It’s the easiest way to drum up likes and engagement in this space, but the reality is staring you straight in the face. $XRP has progressed more than 99% of crypto to this day. https://t.co/B5S8EYct24
— Credible Crypto (@CredibleCrypto) November 12, 2019
Given that MoneyGram, the second latest transfer company’s 10% of daily transactions in Mexico is done with XRP and is planning to expand into 4 more corridors before the year-end, XRP enthusiasts and investors are bullish about the digital asset’s future.