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Ripple are furthering ahead with their mission of building breakthrough crypto solutions for a world without economic borders.
Asheesh Birla: Coming off our best year yet, RippleNet ended Q1 2022 with record numbers and customer demand. Some of the highlights by the numbers.
RippleNet reached a $15B annualized payment volume run rate, as customers expand the use of RippleNet and ODL beyond remittances (including treasury and SME payments).
ODL grew 8x YoY; and I’m incredibly proud to see half of the customers using ODL today upgraded their services from fiat only – a testament to ODL’s product market fit and the vision we had from day one.
Global growth remains strong w/ improved product functionality (such as the ability for payments to continue processing even if an ODL exchange partner happens to go down)! APAC is one of the biggest contributors of ODL dollar volume – totaling over $1B in Q1 alone.
ODL can enable payouts in 25 payout markets today including new regions like Singapore, Malaysia, Poland, Indonesia, Thailand and more (up from 3 markets in 2020)
These markets collectively represent ~62% of the $700B/year global remittance market and ~86% of the $6T/day global FX market (which includes treasury / corporate FX cross-border payments)
And finally, I’m very excited to announce that we have hired a new VP of Global Payments SJ Joseph to lead payments for RippleNet!
Community Reaction: The $15 billion annually is very small in the remittance market. Ripple will eventually take up a huge chunk of the market ans revolutionize remittances across the globe.
Yes, small remittance as Ripple is new competitor in market and they have SEC shadow. Concern is XRP amount they have stashed away. As demands picks up, hope Ripple doesn’t flood the market with its huge escrow to meet it. Also, if the whales come in. Need scarcity: value.
Proud to be XRP holders. I will do my part keep on stocking regardless of the current scenario.
At the current scenario what can be said is to buy the Dip.
“Being an engineer and really working on something that could be life changing for everybody on the planet is really inspiring,” and Ripple Engineers continue to develop.
It’s clear Ripple and XRP are not linked. The company’s growth would demand XRP to rise. Ripple most likely isn’t actually using XRP. It can’t be. Ripple’s technology isn’t growing in value but it’s company is? How? Also, value per token clearly isn’t important in money transfer.
The largest remittance markets are India, China, Mexico, the Philippines, and Egypt. The US accounts for a percentage of this not the full amount. 20% of India’s remittances come from the US, so the US shouldn’t matter that much. Yet the price is stuck.
