Ripple Announces Massive Global Expansion for Its XRP Payments Network in 2020

Updated on Jan 31, 2020 at 11:15 am UTC by Bhushan Akolkar · 3 min read
Ripple Announces Massive Global Expansion for Its XRP Payments Network in 2020
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Having received big-fat funding last year, Ripple is all geared up to expand its XRP payments network globally. The company is in talks with commercial banks and financial businesses willing to adopt its solution.

Ripple, the company that actively uses the world’s third-largest cryptocurrency XRP in its solutions, is having big plans ahead this year in 2020. In the latest development, Ripple said that it plans to launch its XRP-based cross-border payments systems to global markets.

In the newly released XRP Market Report, Ripple said that plans to bring XRP-based international payments to companies and individuals alike. Furthermore, the blockchain startup explained that XRP provides real-time gross settlement using its On-Demand Liquidity (ODL) feature.

According to Ripple, ODL helps banks and other commercial enterprises the flexibility to free-up capital while making payments. Currently, financial institutions need to maintain pre-funded banking accounts to initiate faster payments. Using XRP tokens, Ripple provides instant liquidity to settle cross-border payments in less than 3 seconds.

Ripple launched its XRP liquidity solution in late 2018. Furthermore, throughout 2019, Ripple saw a massive surge in ODL volume rising by 550%. Additionally, the company also witnessed the XRP-based ODL transactions surging by 300% in the last quarter.

Ripple’s Global Expansion Plans

Currently, Ripple’s XRP distributed ledger has over 150 qualified validators participating in the network. Thus, it helps in the decentralization of participants who validate and process the transactions.

The expansion is (and will be) possible thanks to the wide network of partners including such companies as goLance, MoneyGram and FlashFX among others.

In 2020, Ripple is planning to bring XRP-based payment solutions to global markets like Europe, the Middle East, Africa, Asia-Pacific, and Latin America. However, Ripple has said that it will be having a more conservative approach for its XRP sales.

During Q4 2019, the XRP sales dropped to $13.08 million. This is a massive 80% reduction in XRP sales that were $66.24 million in the previous quarter. In 2019, the XRP performance was really disappointing for its investors. While all other top-ten cryptocurrencies managed positive returns, XRP gave over 20% negative returns in 2019.

Besides, during the World Economic Forum 2020 last week, Ripple CEO Brad Garlinghouse made some bold predictions for Ripple and the overall cryptocurrency industry for this year. Garlinghouse said that a number of crypto companies will go public this year through Initial Public Offering (IPO). He said:

“In the next 12 months, you’ll see IPOs in the crypto/blockchain space. We’re not going to be the first and we’re not going to be the last, but I expect us to be on the leading side… it’s a natural evolution for our company.”

Despite the poor show of XRP, Ripple secured big-fat funding in 2019. With $200 million raised from the market, Ripple emerged as the top company to secure the highest funding in the blockchain industry in 2019. The company said that it will use these funds for opening global offices and hiring new talent.

Altcoins, Blockchain, Cryptocurrency news, FinTech, News
Bhushan Akolkar
Author: Bhushan Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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