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

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Jayashree Ingle Follow

INDIA

Aug, 21 2020

Aug, 21 2020

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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

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