Ripple is revealing just how much volume has flowed through its XRP remittance platform since its launch in October of 2018.
In a series of tweets, Ripple CEO Brad Garlinghouse says that the company’s crypto-based cross-border payments platform, which is designed to use XRP to move money around the world, has processed $2 billion in volume to date.
Garlinghouse also notes that the total volume on the platform surged 11x between July 2019 and July 2020. Ripple’s partner, MoneyGram, remains the top user of the remittance network and uses it to process about 10% of its US-Mexico transactions.
As for Ripple’s use of XRP in the future, Garlinghouse says that the company will continue its strategy to boost the adoption of the third-largest cryptocurrency by market cap.
“Using XRP to solve a real-world, $10 trillion problem, like cross-border payments, is working… Over two dozen customers are on board w/ ODL including MoneyGram, goLance, Viamericas, FlashFX, Azimo and the list goes on.”
Ripple relies on crypto exchanges to accept fiat money from financial institutions and send the equivalent value in XRP to a corresponding exchange in another country, where it is then converted back to fiat currency.
The company owns more than half of the total supply of XRP. In its latest report on the status of its holdings, Ripple said that it sold $32.55 million worth of XRP in the second quarter of 2020 in an effort to boost XRP’s remittance liquidity.
According to the report, the company also bought XRP on the secondary market through its subsidiary, XRP II.
