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The year of 2020 has proven to be extremely challenging and uncertain for the entire globe. As all are looking towards a stable 2021, Ripple proved to be one of the few shining gems of 2020. There was increased customer growth and increased traction in key markets coupled with incredible innovation from developers in the XRP community.
Though regulatory uncertainty looms over the US markets with the incoming new government, Ripple with support of its stakeholders has touched astronomical heights and is confident of successfully tackling 2021.
Consistent Growth & Scale of Ripple
The strategy of RippleNet focuses on growth and scale of business and ensuring customers get value for money. The teams are constantly focusing on improving capabilities of the product and including new ones which satisfies the requirements of customers considering element of innovation.
- In 2020, nearly 3 million transactions were conducted over RippleNet which is 5 times volume growth compared to prior year
- On-Demand Liquidity displayed 12 times YoY growth with a notional value of $2.4bn.
- Globally, customer interest was relatively strong as new customer deals were clocked at a rate of 2 per week across 40 plus nations. 18 countries out of these 40 were new thus clocking more customers in 2020 as compared to any other year.
There is an increasing demand for digital financial services and payments interoperability in the Asia Pacific region which is spiralling the adoption of RippleNet amongst many SME’s, Fintech’s and Payment Service Providers (PSP’s). This was reflected through the fact that number of deals in 2020 was 80% more than prior years and a staggering 1700% growth in transactions.
Ripple also announced new Customers Mobile Money and Mutual Trust Bank to offer seamless wallet-to-wallet payment services. They also launched Line of Credit which is a new Beta service permitting ODL (On-Demand Liquidity) customers for sourcing instant capital to initiate cross-border payments using XRP. Consumers on this platform can easily upgrade or add these new services which simplify access to financial solutions that further accelerate business performance and scale without the cost of legacy providers.
Supporting Growing Developer Community around XRP
As mentioned earlier the developers are enhancing XRPL for its efficiency, low cost, superior performance and accessibility. Last year, it was the only provider building on the XRPL (XRP Ledger) and was the first blockchain globally to decarbonize in partnership with Energy Web Foundation.
For ensuring fresh innovation in crypto and interoperability in payments, the focus will be on manoeuvring the Central Bank Digital Currencies (CBDC’s) as the future of fiat. There is a requirement for regular communications with the Central Bank and other federal authorities including developing protocols that support the exchange of CBDCs on XRPL whilst using XRP as a bridge currency.
The future for RippleX looks promising as it has touched 12 million users through XRPL and Interledger Protocol partnering with more than 40 countries. The confidence is encouraging to execute the 100 plus projects using XRPL by inspiring the developers with supreme applications and functionalities.
