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Blockchain startup Ripple has announced that it has surpassed 300 customers while registering 10x year-over-year growth in transactions on its global payments network RippleNet.
Recent Ripple customers and partners include Faysal Bank in Pakistan, Qatar National Bank in Qatar, bKash in Bangladesh and Finastra in the U.K.
Last year, Ripple announced On-Demand Liquidity (ODL), which leverages XRP, Ripple’s native token, as a bridge currency to remove the need for pre-funding in cross border payments.
In less than a year since its commercialization, the product attracted significant interest as more than two dozen customers have signed up to use ODL. This includes MoneyGram, goLance, Viamericas, FlashFX and Interbank Peru.
“There have been more than 7x the number of transactions using ODL from the end of Q1 to the end of October,” Ripple said.
ODL first launched offering payment corridors in Mexico and the Philippines and later expanded to Australia, with Brazil coming soon. Ripple said that it plans to launch additional corridors across APAC, EMEA and LATAM in 2020.
“This year has been our strongest for Ripple yet. In 2019 we’ve seen continued momentum with customers, growth of RippleNet and adoption of On-Demand Liquidity. In just a year since we launched ODL, we are already making an impact on the bottom line for our customers,” said Brad Garlinghouse, CEO of Ripple. “We’re excited to continue this momentum into next year and for the expansion of ODL into new markets.”
MoneyGram settling currencies in seconds via Ripple’s ODL
In June, MoneyGram announced its plans to implement ODL and went live on RippleNet after just two months. It initially started with payments into Mexico, from the U.S. and has now started sending cross-border payments to the Philippines.
“Our partnership with Ripple has helped us to improve this strength and we’ve already started seeing the product’s potential to streamline our back-end capabilities,” said Alex Holmes, MoneyGram’s CEO. “For the first time ever, we're settling currencies in seconds, and because of these results, we’re expanding our partnership with Ripple and are excited to announce that we have started executing foreign currency trades with the Philippine peso using ODL.”
XRP Securities Lawsuit
While Ripple is achieving significant milestones and growing its business globally, the company is currently battling a lawsuit that claims Ripple violated U.S. securities laws by selling XRP.
The company filed a motion to dismiss the lawsuit in September, citing a statute of repose that expired in 2016. Since the plaintiffs failed to file the case before the expiration of the statute of repose, their suit should be dismissed, CoinDesk reported.
In the latest filing, Sostack has argued that since Ripple is still selling XRP to the general public, it’s doesn’t exempt it from being liable. “Defendants have failed to cite any case – and indeed, no court has found – that liability for multiple offerings has been barred by the statute of repose,” Sostack said.
Ripple is now required to respond to the filing by December 04. Oral arguments are expected to begin on Jan. 15.
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