Ripple Signs 28 New XRP Production Contracts for its XRP Remittance Platform


Ripple Labs has signed 28 new XRP
production contracts for its crypto supported Remittance platform in the first
quarter of 2020.
In a virtual meeting, apart from the announcement,
CEO Brad Garlinghouse touched many topics including the in-house developments
and also the ‘Macro-economic’ perspective in the US and much more. He mentioned
the gloomy picture of the Global Financial Crisis (GFC) and its consequences
which took 15,000,000 jobs in the last 18 months. He also mentioned the growing
significance of the cryptocurrencies like that of digital gold during the
growing inflationary effect.
During the announcement, Brad mentioned
that in the first quarter of 2020, Ripple took a great leap by signing 28 new
XRP contracts. He indicated that “XRP is the greenest of all digital assets”.
XRP-Powered Production Contracts will be
Significant in New Economy
Ripple has started new projects in the past
few months and is the currency of choice of arbitration. Subsequently, it is
promoting the RippleNet cloud for financial institutions.
Its alliances with WordPress and Bitrue are
boosting the XRP’s position in markets.
Brad Garlinghouse further informed that
Ripple exceeded expectations for new XRP customer's acquisition and witnessed a
decrease in transaction volumes during March. Garlinghouse blamed the
Coronavirus pandemic for this negative development.
Brad Garlinghouse said “We saw about an 85%
increase in volume across RippleNet between the Q4 and Q1, despite ending March
with a slowdown in growth. He added, “Specific to our On-Demand Liquidity,
there’s a 190% increase from Q4 from Q1. We saw some of our big customers, a
player in Thailand, go live. That’s driving a lot of volumes”.
Garlinghouse confirmed that despite the
looming economic crisis during the pandemic, they had forecast 20 new contracts
and ended up signing 28 contracts in the first quarter, which they consider as
a positive development during the economic slowdown.
Currently, XRP is the third strongest cryptocurrency and with the recent advances, it is going to play strong in the coming days and will prove itself as a great value for Investment.
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Jayashree Ingle
CBW - External Analyst
INDIA