Annual volume of transactions on the RippleNet platform reached $15 billion

The company attributes this to the growing popularity of the On-Demand Liquidity service

04.05.2022 - 07:20

279

2 min

What’s new? The RippleNet platform recorded a record volume of transactions for the year. According to a published report, it has reached $15 billion. The bulk of the transaction volume passed through the On-Demand Liquidity (ODL) service.

Source: Twitter.com

What is ODL? The On-Demand Liquidity service allows two parties to receive instant liquidity with XRP tokens in their account. When sent, one party’s fiat money is exchanged for XRP and sent to the receiving party, which converts it into its own fiat currency.

Ripple reported that in the first quarter of 2021, the volume of payments via ODL increased eight times compared to the same period in 2020. In this, the Asia-Pacific region led the use of the service, which accounted for more than $1 billion of the total volume of operations.

What events happened before? In March 2022, it became known that the leading banks in Australia, Canada, and Israel would start using RippleNet. With Ripple’s product, financial institutions plan to increase the efficiency of international transfers.

What is known about RippleNet? It is a network of banks and institutional payment systems that use solutions developed by Ripple’s parent company in order to efficiently send and receive transactions around the world. More details about Ripple can be found in GetBlock Magazine’s article.

Author: