November 3, 2024
Ripple Payments Network

The Ripple payments network, which leverages XRP for cross-border transactions, has made significant strides, now extending its reach to over 80 payout markets. 

Reflected in the company’s recent publication on why crypto liquidity matters in the modern financial landscape, the expansion emphasizes Ripple’s vision of making near-instant cross-border payment possible through the strategic use of blockchain technology. And central to this vision is the concept of liquidity fulfilment, which happens to be a challenge of traditional cross-border payments, the report conveyed.  

Notably, high crypto liquidity enables the smooth trading of a cryptocurrency without any disruption in the market price. To this end, the San Francisco-based cross-border payment firm has continued to scale its liquidity capacity through the expansion of its payment network, which utilizes the XRP Ledger native token, XRP

Read also: Korea VASP License Holder Infinite Block  Becomes XRP Ledger (XRPL) Validator 

Ripple expands payments network to boost overall liquidity

“At Ripple, we’ve scaled our liquidity capacity by expanding our network across 80+ payout markets and building innovative liquidity pathways to make the cross-border payments experience fast, affordable, and seamless,” the report stated. According to the company, the expansion of Ripple Payments network will aid in ensuring that “liquidity is always available to meet demand, even outside of traditional banking hours.” 

Recall that moving money during weekends, holidays, or outside banking hours can be quite challenging with banks. During these times, intermediaries needed to settle international transactions may happen to be unavailable, leading to delays in the settlement process. 

However, unlike traditional methods, crypto transactions are not bound by banking hours or holidays, making it possible to move money seamlessly anytime, anywhere. Crypto transactions also eliminate the need for intermediaries as it relies on a peer-to-peer (P2P) decentralized network. 

It bears mentioning that the so-called Ripple Payments network was launched in Q4 of 2023 as a substitute for the XRP-based On-Demand Liquidity (ODL) software. At that time, the solution was available across 70 payout markets. 

Read Also: Valkyrie Co-founder, Top Experts Hint at XRP ETF

Its expansion to more than 80 payout markets across several countries worldwide not only enables more users to access a fast, cost-effective and on-demand settlement platform but also helps to increase the utility and adoption of XRP. At the time of writing, XRP is the 7th largest cryptocurrency as it boasts a market capitalization of over  $34 billion. 

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