Ripple, one of the largest and most popular companies in the crypto space, announced that they are going to be expanding their XRP-based cross border payment network in 2020. The goal is to offer companies and individuals the possibility to make international transfers by using the XRP virtual currency.
Ripple Expands Around The World
In a recent report released by Ripple, they explain that they want to provide transparency and updates on the company’s views of the XRP market. Ripple continues with its proactive communication to help XRP holders be updated about the assets they hold and build trust around it.
At the moment, the XRP ledger has over 150 known validators that are participating in the whole network. This allows the XRP ledger to be neutral and fair. There is no single entity that can decide which transactions will be processed or which ones not. And this is very important for the whole ecosystem.
In the report, Ripple explained that they are taking a more conservative approach towards XRP sales. They have decided to reduce the amount of XRP coins they sell to the market. In the last quarter of 2019, the total XRP sales were $13.08 million. This is a reduction of around 80% in the sales of XRP compared to the $66.24 million sold in the previous quarter.
Ripple is also working in order to expand the XRP derivatives in 2020 considering there is a general crypto derivative boom in the market. It is expected for this sector to outpace spot volume in the future. At the moment, there are XRP derivatives in several exchanges, including Binance, Huobi, OkeX, AAX and FTX.
This is an important step in the maturation of digital assets considering they help improve efficiency, liquidity and robustness of markets.
The XRP Liquidity tool that was launched back in 2018 is a very important part of the whole XRP market. Indeed, it is allowing clients to perform cross border transactions in a fast and easy way. In the last quarter, the number of these transactions surged by almost 300%. This would help banks and enterprises free up capital they have in nostro and vostro accounts in a wide range of countries.
This would allow these institutions to reinvest these funds and help the firms expand in the market as well. Now, Ripple has to move forward and work in order to attract a larger number of firms to provide liquidity and use these solutions.