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- XRP surpassed cross-border payments volume in Australia with BTC and ETH.
- Managed 82% of International Reserve on Independent Reserve and 62% of BTC Markets.
- BTC Markets is Ripples’ ODL partner in the country.
Exciting news is coming from the Australian crypto arena, as cross-border payments specialist cryptocurrency Ripple dominates the trading volumes in some of Australia’s leading exchanges. International payments have surfaced as a primary use case in the digital access market of the land down under.
Ripple Inc issued cryptocurrency for international remittance with the token XRP. in the past 24 hours; the token managed 82% of all cash volume on the Independent Reserve exchange and 62% on Melbourne-based BTC Markets.
When its volume is compared with the rest of the world, XRP stands at less than 1% on larger international exchanges, with the major volume dominated by Bitcoin and Ethereum.
CEO of BTC Markets, Caroline Bowler, says that Ripple managed to dominate the trading volume because BTC Markets were Ripple’s on-demand liquidity (ODL) partner in the country.
“Effectively, ODL helps companies manage cross-border payments without requiring corresponding banking and pre-funding costs.” – Ms. Bowler.
XRP is used here to facilitate a fraction of the process; thus, the resulting trading volumes have been higher. XRP gets a larger percentage on the platform, further adding to the cause, although the overall market volumes have been flat. Almost $10.2 million in transactions happened in the past 24 hours on Independent Reserve, bigger than the combined number in some time.
Ripple vs. SEC
This high-profile case has been running for the past 2 years, and the result will surely impact the whole crypto industry. As the case would clear, the terminology for all cryptocurrencies will be treated as securities. The major reason for this rise is the value and order crypto market.
Australia & Cryptocurrency
A crypto exchange in Australia must be registered with AUSTRAC, an international money laundering regulator, know your customers (KYC) and anti-money laundering (AML) obligations, and report all suspicious transactions.
Australian banks denied Aus Merchant, Bitcoin Babe and others banking services to the crypto remittance business. The reason is considered an unsatisfactory scenario from the Bank, as it is tough to identify the end beneficiary even if the exchanges are registered with AUSTRAC.
Issues and Cases
November 2019 saw a scandal with Westpac in the front of money being sent by the country’s citizens to criminals in the Philippines. AUSTRAC claims that this case is based on banks’ failure to relate with “correspondent banking.”
August 2020 saw New Payments Platform (NPP), a payment service including many banks, begin a court battle accusing Ripple of having copied NPP’s brand.
The court has instructed that NPP would prevent Ripple’s advertising in Australia under the “payId” brand, similar to NPP. Ripple has agreed to change their trademark brand in November 2020 reports to keep working in Australia.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
