According to Ripple CEO Brad Garlinghouse, XRP currently accounts for more than half of the business transactions through its different payment rails.
The CEO of Ripple stated this during a recent fireside talk on Tech Transformers at Davos on CNBC. For Context, Garlinghouse asserted this while describing how the blockchain-focused payments company expanded worldwide despite domestic legal issues. The Chief exec of Ripple emphasized that more than 95% of the company’s clients who signed up following the US Securities and Exchange Commission action are from countries other than the US. Garlinghouse claims that Ripple is still expanding in this area.
“…now well over 95 percent of the customers we’ve signed in the last two years are non-US, our activity is growing more and more outside the United States and it’s because you have this confusion in the United States. We’re now processing billions of dollars of transactions every quarter.”
Consequently, Ripple processes billions of dollars through its international payment rails every quarter, according to Garlinghouse. The CEO of Ripple further stated that more than half of it goes through XRP via its On-Demand Liquidity (ODL) service. This product leverages XRP as a bridge currency to provide almost instantaneous cross-border settlements. According to the head of Ripple, this keeps expanding as new payment channels are opened, and more currency pairs may be exchanged.
“… we’re now processing billions of dollars of transactions every quarter and … well over half of our total transaction volume because we do have a fiat and XRP enabled product called On Demand liquidity, over half of all of our transactions go through XRP, …We’re continuing to sign more contracts, more customers, we are growing because we open more corridors more currency Pairs and so there’s kind of a nice series of building,” Garlinghouse said.
It is relevant to note that last year, Ripple’s ODL service expanded to about 40 payout markets, which the company claims accounts for nearly 90% of the foreign exchange markets. The service is expanding in Asia, Africa, Latin America, and Israel. Users of RippleNet, the company’s fiat-based service, are also switching to the XRP-based option. Notably, the company wants to grow in Europe.
All of these should be noted because the SEC lawsuit has restricted the blockchain company’s US activities and has compelled cryptocurrency exchanges to delist XRP out of concern for legal action. In December 2020, the SEC claimed that transactions of XRP by Ripple constituted the sale of unregistered securities.
After more than two years, the case is almost complete; according to Garlinghouse, a decision should be made in the first half of the year. In a different CNBC interview, as reported by fxcryptonews, the Ripple CEO reiterated his conviction that Ripple will receive a favorable ruling from the judge. Garlinghouse said, “I feel very good about where we are relatives to the laws and facts.”