A Ripple & XRP Recap: What Took Place at Swell 2019?
Unfortunately for fans of Ripple and XRP, the Ripple-centric and -themed Swell 2019 Conference put on in Singapore has ended. While many readers may have followed the event’s happenings closely, here’s a recap of what took place at the blockchain event, which “brings together the world’s most trusted voices across financial services, payments, technology and policy.”
Ripple Passes Key Customer Milestone: Ripple has claimed to have surpassed 300 customers, which consists of a “global network of banks, financial institutions and payment providers that sends money globally, instantly and reliably for fractions of a penny.” Indeed, a blog post elaborated that Ripple has customers “in more than 45 countries and 6 continents using RippleNet, with payout capabilities in 70+ countries.”
On-Demand Liquidity (xRapid) Doing Rather Well: Simultaneously, one of the fintech firm’s flagship products, On-Demand Liquidity, has seen growing levels of adoption. This comes in spite of the fact that the solution was just announced at Swell 2018. A post said that the solution has “seen tremendous growth and customer interest with two dozen customers signed on to use the product.” Users of the ODL include “goLance, Viamericas, FlashFX and Interbank Peru.” It was added that “there have been more than 7x the number of transactions using ODL from the end of Q1 to the end of October.”
10% of MoneyGram’s Mexico-US Transactions Use XRP: Money-transfer MoneyGram is purportedly moving 10% of its transaction volume through On-Demand Liquidity (ODL) between the United States and Mexican borders and plans to expand into four more corridors by the end of this year.
BeeTech Saves Millions in Transaction Fees: At Swell 2019, BeeTech co-founder Alexandre C.R. Liuzzi revealed that his payments company has save its customers more than $14 million in transaction fees across 200,000 transactions that have a nominal value of over $1.5 billion. Some of those savings can purportedly be attributed to Ripple, who has allowed BeeTech to “standardized the process for integration across different rails and increased efficiency in the settlement.”
It seems that there is more for Ripple to announce regarding what took place at Swell, hinting that it will continue to update its blog in the coming weeks. Though, it remains to be seen what exactly will be unveiled, and how that will impact the broader ecosystem of the firm and the price of XRP.
Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of EWN or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.