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Total annual trading volume on the RippleNet platform reached a record $15 billion. Ripple explained these dynamics with the growing popularity of its On-Demand Liquidity (ODL) service. We
Total annual trading volume on the RippleNet platform reached a record $15 billion. Ripple explained these dynamics with the growing popularity of its On-Demand Liquidity (ODL) service.
We discuss our record in our Q1 Markets report #ODL growth, #NFTs over #XRPLand global movements #arrangement and public policy.
Read on for the latest information #crypto markets: https://t.co/YQAbVNK2D8
— Ripple (@Ripple) 2 May 2022
“In the first quarter of 2021, the volume of payments made through ODL increased almost eight times compared to the same period last year. […] Customers use the service in several different scenarios beyond traditional money transfers or individual payments,” the report says.
Ashish Birla, Managing Director of RippleNet, noted that half of customers using ODL have not transacted in digital currencies before. According to him, the growth of the product was facilitated by the improvements integrated by the developers.
Birla added that the Asia-Pacific region is “one of the biggest contributors to ODL’s dollar turnover.” In the first quarter of 2022, it processed a total of $1 billion in transactions.
4/ Global growth remains strong with improved product functionality (eg the ability for payments to continue processing even if an ODL exchange partner goes down)! APAC is one of the largest contributors to ODL dollar volume – totaling over $1 billion in the first quarter alone.
— Asheesh Birla (@ashgoblue) 2 May 2022
The company had previously announced a $794 million XRP Ledger ecosystem developer incentive program.
Recall that the leading bank in Canada – the Canadian Imperial Bank of Commerce – uses the Ripple network for cross-border settlements.
Source: Fork Log
I’m Sandra Torres, a passionate journalist and content creator. My specialty lies in covering the latest gadgets, trends and tech news for Div Bracket. With over 5 years of experience as a professional writer, I have built up an impressive portfolio of published works that showcase my expertise in this field.
