Ripple has disclosed that its payment platform, which leverages XRP for cross-border transactions, has expanded into 80 markets and countries.
The company shared this update in its latest publication, which explored why crypto liquidity is essential in today’s financial landscape. Notable XRP community figure Chad Steingraber highlighted the development in a recent post on X.
NEW — Ripple stating the Payments platform has increased to more than 80 countries.#XRP https://t.co/Vxl5FD1RMS pic.twitter.com/aRBapzbGml
— Chad Steingraber (@ChadSteingraber) July 25, 2024
In the report, Ripple highlights its vision of a world where cross-border money transfers are as easy as sending an email. Blockchain technology is making this a reality, with liquidity fulfillment at its core.
Crypto liquidity enables the effortless trading of digital assets without disrupting market prices. Ripple stressed the significance of crypto liquidity in facilitating seamless, cost-effective, and dependable transactions.
The company pointed out that while traditional financial systems have made strides in enhancing the speed of cross-border payments, they still lack transparency. This lack of transparency leaves users in the dark about their money’s status, especially during off-peak hours and holidays.
Meanwhile, Ripple noted that despite the rapid growth of the crypto market, it still pales compared to the massive global FX market. This disparity presents a unique challenge that demands innovative solutions.
Ripple Payments Expanded to 80+ Markets
In this context, Ripple disclosed that it has significantly boosted its liquidity capacity by expanding its network to over 80 payout markets. This enhancement aims to provide a fast, affordable, and seamless experience for cross-border payments.
Notably, in Q4 2023, when Ripple unveiled the Ripple Payments service, a replacement for the popular XRP-based ODL software, the firm noted that the solution covered over 70 markets. Now, nearly a year later, the payout markets are above 80.
Ripple aims to facilitate fast settlements at the lowest possible cost and deliver an exceptional cross-border payment experience for its customers and partners. A crucial aspect is ensuring that liquidity is always available to meet demand, even outside banking hours.
Ripple Liquidity Efforts Paying Out
Meanwhile, crypto-based payments rely on sufficient liquidity, which can be volatile due to exchange, trading pair, and time-of-day factors. Macroeconomic events, like the COVID-19 pandemic, can also impact liquidity, causing market shifts, regulatory changes, and price fluctuations. This underscores the need for robust liquidity management.
Ripple noted that it is approaching liquidity availability by expanding its network and leveraging AI and machine learning to optimize transactions.
In parallel, the company boasts that its liquidity efforts are achieving near 100% success rates with lower costs for cross-border fund transfers. Ultimately, Ripple stated it continuously invests in global liquidity capacity, broadening payout capabilities in over 80 countries.
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