Over 500 Organizations Now Working With Ripple With Many ‘Using XRP as Bridge Currency’

Fiona Murray, Ripple’s VP of Sales in APAC, reveals how more than 500 companies are working with Ripple and using XRP as a bridge for cross-border payments.

Crypto payments firm Ripple recently revealed how hundreds of companies use its payment solutions for cross-border settlements.

Murray disclosed this during the Ripple Payment Roadshow in Melbourne. Notably, Ripple’s Payment Roadshow event was hosted in August by the Australian Trade & Logistics Corporation (ATLC).

During the event, Murray emphasized how the leading crypto company shapes cross-border payments with its innovative solution.

“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,” Murray said.

According to Murray, the XRP Ledger (XRPL), an open-source public blockchain, was specifically built for payments.

Over 500 Clients Using Ripple Solution

She pointed out that over 500 companies, including financial institutions, are working with Ripple today, with many of these firms using XRP for 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.

?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

Furthermore, she speculated that more companies will adopt Ripple’s payment solutions in the future. While Murray did not disclose the names of Ripple’s clients, some big names in the banking sector have adopted the company’s payment solution, including the Bank of America.

Ripple’s Prowess in Payment

Murray’s comment will not surprise many, given Ripple’s prowess in the payment sector. Ripple is already an established player in the payment sector, with its solution adopted by top financial institutions, including MFS Africa, now known as Onafriq.

As reported earlier, Ripple announced a new partnership with Onafriq during its Swell event to facilitate cross-border crypto payments between Africa and other markets like Australia, the UK, and the Gulf Cooperation Council (GCC).

The company recently rebranded its On-Demand Liquidity (ODL) solution to Ripple Payments. The rationale behind the move is to make the solution more user-friendly while maintaining its core functionalities.

For context, with ODL, now Ripple Payments, users can facilitate cross-border settlements using XRP as a bridge between two traditional currencies.

Following the rebranding of ODL, Ripple aims to attract new U.S.-based corporate clients, especially entities that do not possess a transmitter license.