Ripple has set an even higher bar in terms of global money transfers, surpassing its 300 client milestone. Brad Garlinghouse, Ripple’s CEO, announced the news moments before the third annual Swell forum in Singapore. The company also announced a ten-fold increase in year-on-year transaction growth.
A year after Ripple announced the launch of their On-Demand Liquidity (ODL) service, more than 20 companies opted-in for the tool, which mitigates the use of pre-funding for cross-border payments and settlements. Some of ODL’s clients include MoneyGram, Interbank Peru, FlashFX, and goLance.
Despite the skepticism of believing Ripple could not be used as a liquidity tool, Garlinghouse stated that the 20+ companies using XRP as corridors for cross-border payments provide the much-needed added value to other clients, as well.
“The larger the client base, the more value you have when joining the network. We expect to continue with the growth, as well as more live corridors with even greater growth”, Garlinghouse added.
Ripple also invested in the most significant Mexican digital currencies exchange, Bitso, to keep a healthy digital currency ecosystem.
Just two months after the launch of Ripple’s ODL service, MoneyGram started using the new platform for money transfers between users in 200 countries. “We saw ODL’s potential for instant transaction settlement, and improvements in our back-end. We will continue to expand our partnership with Ripple, as MoneyGram is now executing foreign currency exchanging with the Philippine peso via Ripple’s ODL”, Alex Holmes, MoneyGram’s CEO, stated.
ODL first started operation in Mexico and the Philippines, after expanding in Australia, and Brazil is set next for receiving ODL functionality.
Ripple also announced that Pakistan’s Faysal Bank, bKash in Bangladesh, Qatar’s QNB, and U.K.’s Finastra are now a part of RippleNet’s 70+ partners in more than 45 countries.