Ripple, a leading cryptocurrency payments firm, marked its one-year anniversary with a revelation of the widespread adoption of its payment solutions for cross-border settlements. The disclosure was made by Ripple’s spokesperson during the Ripple Payment Roadshow hosted by the Australian Trade & Logistics Corporation (ATLC) in Melbourne.
Ripple has been a pioneer in shaping the landscape of cross-border payments through its innovative solutions. During the event, it was emphasized Ripple’s commitment to utility and highlighted the company’s focus on providing tangible use cases for its technology. “Ripple believes in utility. Ripple has always taken that baseline technology, and we’ve said from the beginning that every technology needs a use case. For us, the very clear use case is payments,”
The XRP Ledger (XRPL), an open-source public blockchain, has been a key component in Ripple’s strategy, specifically designed for facilitating payments. Murray revealed that over 500 companies, spanning financial institutions and other sectors, are actively working with Ripple. Notably, many of these organizations are utilizing XRP as a bridge currency for efficient cross-border settlements.
“Over 500 organizations are working with us today, and many of them are using XRP at the heart as a bridge currency,” Murray added, hinting at the widespread adoption of Ripple’s solutions across industries. While specific client names were not disclosed during the event, Ripple has previously secured partnerships with major players in the banking sector, including the Bank of America.
💥RIPPLE: OTHER CRYPTO PLAYERS WONT LAST LONG + “MANY BANKS ARE CURRENTLY USING XRP AT THE HEART AS A BRIDGE CURRENCY”🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀💥 pic.twitter.com/arNw74vtz7
— ISO 20022…. LET'S DO IT (@Rohitku24694375) November 29, 2023
Ripple’s prowess in the payment sector has been evident, with its solutions already adopted by top financial institutions globally. One noteworthy partnership mentioned was with MFS Africa, now known as Onafriq, where Ripple facilitates cross-border crypto payments between Africa and markets such as Australia, the UK, and the Gulf Cooperation Council (GCC).
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In a recent development, Ripple announced the rebranding of its On-Demand Liquidity (ODL) solution to Ripple Payments. This strategic move aims to enhance user-friendliness while retaining the core functionalities of the solution. Ripple Payments allows users to facilitate cross-border settlements using XRP as a bridge currency between two traditional currencies.
With the rebranded Ripple Payments, the company is looking to attract new U.S.-based corporate clients, especially entities without a transmitter license. This move positions Ripple for further growth and establishes its commitment to advancing the efficiency of cross-border payments in the ever-evolving cryptocurrency landscape.
As Ripple celebrates its one-year anniversary, the company remains a key player in the cryptocurrency and blockchain space, driving innovation in cross-border payment solutions with a growing network of global partners.