Ripple’s ODL service continues to expand.
Ripple chief executive officer Brad Garlinghouse has asserted that over half of the transaction volume, the company processes via its various payment rails now goes through XRP.
The Ripple chief said this in a recent fireside chat on CNBC’s Tech Transformers at Davos. For Context, Garlinghouse made this claim as he explained that the blockchain-focused payments company continued to grow abroad despite legal troubles at home. The Ripple chief pointed out that over 95% of the firm’s customers signed in the aftermath of the US Securities and Exchange Commission lawsuit are outside the US. According to Garlinghouse, Ripple is continuing to see growth in this regard.
“…now well over 95 percent of the customers we’ve signed in the last two years are non-US, our activity is growing more and more outside the United States and it’s because you have this confusion in the United States. We’re now processing billions of dollars of transactions every quarter.”
Consequently, Garlinghouse says Ripple now processes billions of dollars every quarter via its cross-border payment rails. Furthermore, according to the Ripple chief, over half of that goes through XRP via its On-Demand Liquidity (ODL) service. This product uses XRP as a bridge currency for near-instant cross-border settlements. The Ripple chief says this continues to grow as it opens more payment channels and facilitates exchanges across more currency pairs.
“… we’re now processing billions of dollars of transactions every quarter and … well over half of our total transaction volume because we do have a fiat and XRP enabled product called On Demand liquidity, over half of all of our transactions go through XRP, …We’re continuing to sign more contracts, more customers, we are growing because we open more corridors more currency Pairs and so there’s kind of a nice series of building,” Garlinghouse said.
It is worth noting that Ripple’s ODL service last year expanded to nearly 40 payout markets, which the firm said represents nearly 90% of the foreign exchange markets. The service is gaining momentum in Asia, Africa, Latin America, and Israel. Additionally, users of RippleNet, its fiat-based service, are switching to the XRP-based solution. Notably, the firm is also looking to expand to Europe.
It bears mentioning that all of these come as the SEC lawsuit has limited the blockchain company’s operations in the US, forcing crypto exchanges to de-list XRP out of fear of litigation. The SEC alleged in December 2020 that Ripple’s XRP sales represented unregistered security sales.
The lawsuit is nearing its end after over 2 years, as Garlinghouse says he expects a ruling in the year’s first half. The Ripple chief has reaffirmed his belief that Ripple will get a favorable decision from the judge in a separate CNBC interview, as reported by The Crypto Basic. “I feel very good about where we are relative to the law and the facts,” Garlinghouse asserted.