Ripple, a Blockchain payment firm revealed its second quarter (Q2) financial report on Friday. According to the report, there is an impressive growth in transaction and ODL volume despite the recent downtrend in the cryptocurrency market.
This update was made known while taking a comprehensive discussion credit crisis, On-Demand Liquidity growth in the new markets, and major brands betting on XRP Ledger in the second quarter.
Ripple made it known on its official website, that Q2 2022 which was a record quarter for its ODL further expanded above payment and traditional services, which resulted in up to 9x year-over-year.
It is good to know that the On-Demand Liquidity is a trading platform that leverages XRP to enhance low-cost cross-border payment on RippleNet. According to Ripple, the volume in the second quarter came from treasury flows and multiple payments.
More also as stated on their website, Blockchain company, Ripple sold via its On-Demand Liquidity a total of $408.9 million XRP tokens in the past quarter as compared to in Q1, a first quarter which is a total of $273 million XRPs.
“Ripple has continued to engage in sales solely related to ODL and these volumes have ramped up substantially as Ripple’s ODL business expanded globally.”
As stated in the tabulated result, the result of the increased sales of XRP is traced to the integration of the ODL. The total XRP sales in the second quarter are roughly 0.47% of XRP’s global volume.
2022 First Quarter Report
In its recently released Q1, 2022, report, Ripple gives the latest information on quarterly XRP sales and pertinent XRP-related announcements. Ripple stated in the report that its remittance platform, RippleNet, saw astounding growth at the start of the year. It states that Q1, 2022, was a record quarter for On-Demand Liquidity (ODL) as volumes rose with nearly 8x YoY growth. Overall, RippleNet saw a $15 billion annualized payment volume run rate marking unrivaled growth as ODL use cases continued to expand.
Recently, Ripple, a blockchain company announced its partnership with FOMO pay, one of the leading payment institutions in Singapore. With this collaboration, FOMO Pay will be able to enhance its treasury remittances via Ripple’s On-Demand Liquidity (ODL) technology and gain persistent proximity to liquidity for the euro and the U.S. dollar.
More also from the report, Ripple noted, that the transaction on the XRP Ledger experiences a spike to almost 114.6 million which accounted for $58.3 billion or 126.5 billion XRP in volume.
XRP Ledger Use Case
As previously reported by Cryptolifedigital, Columbia collaborated with a Ripple-based solution for land registry on July 1st, 2022. This was the first of its kind, it is the first National Land Registry on the XRPL for Columbians and was developed by Peersyst Technology in collaboration with Ripple.
It was officially announced on the @peersyst Twitter page, that a team of blockchain developers with the support of Ripple, has introduced the first national land registry on the XRPL.
The solution is implemented based on XRPstamp which will allow the registration of digital assets on XRPL and also verify their authenticity with QRCode. More also, the solution will be able to register over 100 thousand adjudications in a short period to guarantee confidence for Columbians.